Health price inflation hit a 13-year low in October, according to a report that tracks the health sector's employment, spending and pricing.
The December Health Sector Economic Indicators briefs released Thursday by Altarum Institute's Center for Sustainable Health Spending indicate that health spending growth also ticked down to 5 percent, and health employment in November exhibited below-average growth of 17,000 jobs.
Total health spending growth fell from its September value of 5.2 percent (year-over-year), brought down by slower growth in hospital, physician services, and nursing home spending. The health spending share of the total economy, currently at 18.1 percent, appears to be stabilizing around 18 percent, and is barely off its all-time high of 18.2 percent reached in June 2011.
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"The data show a 'quiet' trend in the sector," said Center Director, Dr. Charles Roehrig. "Spending growth is back to 5 percent after three months of slightly higher rates, price inflation hovers around 2 percent for 10 consecutive months, and is now the lowest rate since June 1998; and after some recent strong months, health employment growth is now just below its 24-month average."
The complete set of briefs, providing monthly data on health care spending, prices, and employment, can be viewed at www.altarum.org/healthindicators.
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