Rising inflation, gas prices and hourly earnings are top of mind for business owners across the U.S.
ASC owners and operators are keeping a close eye on big economic trends influencing their bottom line. The average hourly earnings were up 5.1 percent year over year in the private sector for February, according to the Bureau of Labor and Statistics. Hospitality, restaurant and hotel workers saw an 11.2 percent wage increase last month. Some ASCs are struggling to keep hourly wages competitive as costs across the board soar and workers seize opportunities to make more in other industries.
Inflation hit a 40-year high last month and shows no sign of slowing down as energy and commodity prices soar amid Russia's invasion of Ukraine, according to The Wall Street Journal. Gas prices soared 6.6 percent and are up 38 percent compared to February 2021. Energy costs were up 25.6 percent year over year, and electricity prices jumped 9 percent in the last 12 months.
The unemployment rate continued to fall in February to 3.8 percent, just shy of a 50-year low. More than 678,000 people joined the workforce last month. Healthcare added 64,000 jobs in February, primarily in home health and physician offices. However, the healthcare industry still has nearly 2 percent fewer people employed than in February 2020, just ahead of pandemic lockdowns.