Although staffing shortages, burnout, wage inflation and mountains of paperwork that reduce employee satisfaction are serious problems, healthcare professionals are poised for continued growth this year. The macro forces of an aging US population, new innovations in treatment and broader insurance coverage for Americans continue to make senior living an attractive industry in 2023. If consumer spending declines in 2023, then we can expect small businesses to suffer. A weakening of the US consumer generally has a negative effect on US small businesses, as most small business revenue is derived from consumer spending. Consumers still are spending, but many have eaten into their savings and increased their credit card debt to do so. Cracks in demand are beginning to appear, however. As we proceed with the first quarter of 2023, employment remains high and wage growth strong, supporting the American consumer’s ability to spend.
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