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While earlier data suggested a recent acceleration, with revised data, we estimate spending growth of 4.7% for the first four months of 2018, barely above the 4.6% rate seen for all of 2017.
In April 2018, the health care sector added 24,400 new jobs, consistent with the 12-month average of 25,500 new jobs per month, but enough to propel the health share of total U.S. jobs to 10.76%, a new all-time high.
In March 2018, the Health Care Price Index rose by 2.2% compared to the previous year, fractionally higher than in February, and the highest rate since January 2012.
Altarum's latest Health Sector Economic Indicators provide a second look at spending for the entire 2017 calendar year and suggest that national health spending grew by 4.6% from its 2016 level.
National health spending rose 4.7% in 2017, slightly above GDP, but keeping its share of GDP at 18%, according to Altarum’s latest Health Sector Economic Indicators Briefs.
U.S. health sector spending continues to grow at a more sustainable rate, driven in part by a slowdown in hiring, hospital spending, and price growth in hospitals, physician and clinical services, and prescription drugs.
New data released by the Centers for Medicare & Medicaid Services (CMS) show slower health sector growth in 2016.
Total health spending growth in September was 4.3% higher compared to a year earlier primarily due to slow growth in hospital spending.