IndeVets Monthly VetMed Employment Snapshot: October 2023

The veterinary sector in October 2023 continues to demonstrate robust employment data, reflecting its resilience and growth amidst a stable economic backdrop. The demand for veterinary services remains high, contributing to a positive employment outlook in the sector.

Overall Job Market:

• Unemployment Rate: Remained low at 3.9%, indicating a stable job market.
• CPI Data: Despite a 6.5% inflation rate, the economy’s fundamentals are strong, supporting employment in various sectors, including veterinary services.

Veterinarian Employment:

• Employment Trends: The veterinary unemployment rate is impressively low at 0.5%, showcasing sustained demand for veterinary expertise.
• Wage Dialogue: The current market conditions and the sector’s performance are favorable for discussions about wage adjustments in line with economic realities.

Wage Trends:

• Inflation vs. Wage Growth: Veterinarian wages have seen an uptick, responding to the challenges posed by inflation.
• Economic Indicators: Broader economic indicators suggest a favorable climate for continued wage growth in the veterinary profession.

Industry-Specific Insights:

• Sector Performance: The veterinary sector’s robust performance, as part of the larger healthcare industry, underscores its critical role and potential for wage increases.
• Salary Dynamics: Data from the AVMA and BLS indicate a market ripe for positive wage adjustments, aligning salaries with the sector’s value proposition.

Comments:

• The data from October reinforces the strength of the veterinary employment market, with low unemployment and positive job growth.
• The sector’s solid performance, coupled with broader economic stability, sets an optimistic stage for potential wage increases.

Conclusion:

The October snapshot for the veterinary sector is one of economic vitality and promise. The employment data reflects a profession that remains in demand and stands on firm economic ground. This positive trend bodes well for the sector and lays the foundation for constructive discussions around wage increases, ensuring veterinarians are compensated commensurate with their vital role in our communities.

Data Sources:

U.S. Bureau of Labor Statistics: Employment Situation Summary – October 2023

American Veterinary Medical Association (AVMA): Veterinarian Salaries Struggle to Keep with Inflation