It is interesting to note that during the Great Financial Crisis the unemployment rate dropped to as low as 10% in the US.  How much of this increase was attributed to a slowdown in the healthcare services? Its actually quite the opposite. It turns out that there were more job positions filled and that during 2001 to 2014, 56% of all national job growth occurred in healthcare or the equivalent of 3.5 million jobs. More jobs means companies make more money. During the 2007-2010 recessionary years, employment growth in skilled nurses grew 3.7% or 59,113 jobs. Wage growth from nurses underperformed the general healthcare services wage growth but nominal wages was still higher than the national average. 

During the GFC, the markets bottomed in March of 2009. The largest healthcare services  bottomed 1 or 2 months earlier. This makes intuitive sense as money begins to flow to more stable sectors during economic hardships. The markets will bottom in healthcare before it bottoms in the general economy during a recession. If we enter a recession over the next 12 months I expect a similar outcome. As the old saying goes, history does not always repeat itself but it often rhymes. 


https://www.bls.gov/opub/mlr/2018/article/healthcare-jobs-and-the-great-recession.htm