Marketplace Morning Report — Episode Summary

Episode: Health care job growth continues to be on a tear
Date: March 5, 2026
Host: Sabri Benishore (in for David Brancaccio)
Length: ~8 minutes (excluding ads)

Overview

In this episode, Marketplace dives into two major economic stories: the current surge in the U.S. dollar as a result of ongoing geopolitical conflict and the robust and continuing growth in health care sector jobs—making it the economy’s main job-creation engine despite technological disruption elsewhere. The segment features expert perspectives on the drivers behind these trends, the risks they present, and what they mean for the broader economy.

Segment 1: Why War is Driving Up the U.S. Dollar

[01:01–04:25]

Key Discussion Points

• Current U.S. Dollar Strength:

  • Since the escalation of war involving the U.S., Israel, and Iran, the dollar is up by about 1% since Monday.
  • This bucks the previous trend of a weakening dollar in recent months.

• Drivers of Dollar's Rise:

  • Simon Harvey (Senior Macro Economist, LB Macro) attributes the dollar’s current rise not to global "flight to safety," but to U.S. investors bringing capital back home due to higher geopolitical risk.
  • Quote:
    • “This is just the flow of money coming back into the US because of the heightened risk profile that we're seeing.”
      —Simon Harvey, [01:31]

• Differences from Typical Crisis Response:

  • Traditionally, a global rush toward the dollar as a safe haven would be more pronounced. Here, the effect is driven mainly by domestic investors.
  • Quote:
    • “This isn’t necessarily what we’ve seen in past risk periods where there is a global flight into US dollar demand…”
      —Simon Harvey, [01:53]

• Long-term Structural Questions:

  • There is a growing issue regarding U.S. institutional credibility and the perceived "weaponization" of U.S. assets. This has already led to some central banks (particularly in emerging markets) diversifying out of U.S. assets into gold, Bitcoin, euros, etc.
  • Recent U.S. military actions could reinforce this trend, leading to long-term pressure on the dollar.
  • Quote:
    • “The US military intervention in the Middle East is only going to further inflate those concerns...”
      —Simon Harvey, [02:37]

• Gold’s Puzzling Behavior:

  • Despite tension, gold prices are not following the conventional pattern of a sharp rise.
  • Causes cited:
    • Current correlations with tech stocks and other asset classes
    • Gold’s significant rally over the past 18 months
    • Lack of a linear inflation-hedge response
  • Quote:
    • “…gold isn’t necessarily this inflation risk hedge that we’ve seen it in the past.”
      —Simon Harvey, [03:25]

Notable Moment

• Sabri Benishore provides a succinct summary:
  • “So it’s a flight to safety type thing, more so from domestic investors…”
    —[01:51]

Segment 2: Health Care as the Main Engine of U.S. Job Growth

[05:29–08:13]

Key Discussion Points

• Unstoppable Growth in Health Care Jobs:

  • Health care dominates as the most reliable job creator, outpacing other sectors even as technology headlines grab most attention.
  • In the past 12 months, 436,000 health care jobs were created, representing 121% of all jobs added (due to losses in other sectors).
  • Quote:
    • “We've created 436,000 jobs in the healthcare sector.”
      —Dean Baker (Center for Economic and Policy Research), [06:32]

• Breakdown of the Numbers:

  • Social assistance jobs added another 320,000.
  • Employment losses occurred in government, manufacturing, and scientific research sectors—offset by health care gains.

• Reasons for Health Care Resilience:

  • An aging population increases health care demand.
  • Ongoing advances and treatments continue to create new employment needs.
  • Automation and outsourcing are limited in health care:
    • Much of the work is inherently hands-on and location-dependent.
    • Quote:
      • “A great deal of work in healthcare is human labor that needs to be done in treating actual patients in an actual location and is difficult to outsource.”
        —Ariel Avgar (Cornell ILR), [07:18]

• Risks and Sustainability:

  • Heavy government funding of health care means that political decisions could impact growth rates.
  • Quote:
    • “You do worry when so much of the labor market is dependent on one sector. President Trump and Congress decide, okay, we want to spend less on health care and we’d see a lot of this job growth, at least slow, if not stop.”
      —Dean Baker, [07:42]

• Upside for Job Seekers:

  • Health care roles exist across rural, urban, hospital, and home settings.
  • Wide range from entry-level, lower-paying jobs to highly skilled, better-paid professions.
  • Opportunities abound for reskilling and upward mobility.

Memorable Moments & Quotes

• From a Portland State University student event:
  • “There might not be as much in advertising because of AI and everything, and I would love a healthcare or social services kind of environment.”
    —Nikolai Spitz, [06:14]

Timestamps for Key Segments

• US Dollar and War Discussion: [01:01–04:25]
• U.S. Job Growth and Health Care Focus: [05:29–08:13]
• Perspectives from Students and Non-Profits: [05:45–06:27]
• Employment Data Insights: [06:32–07:42]
• Automation and Outsourcing Challenges: [07:18]
• Risks of Government Spending Cutbacks: [07:42]

Tone and Style Notes

The episode is brisk and fact-focused, blending on-the-ground anecdotes (like the Portland State event offering cupcakes and support to sex workers) with macroeconomic analysis from sector experts. There’s a note of caution about overreliance on health care for job growth, but also an optimistic throughline about opportunity and demand.

Selected Notable Quotes

• Simon Harvey:
  • “This is just the flow of money coming back into the US because of the heightened risk profile…” [01:31]
  • “The US military intervention in the Middle east is only going to further inflate those concerns...” [02:37]
  • “…gold isn’t necessarily this inflation risk hedge that we’ve seen it in the past.” [03:25]
• Dean Baker:
  • “We’ve created 436,000 jobs in the healthcare sector.” [06:32]
  • “You do worry when so much of the labor market is dependent on one sector...” [07:42]
• Ariel Avgar:
  • “A great deal of work in healthcare is human labor that needs to be done in treating actual patients in an actual location and is difficult to outsource…” [07:18]
• Nikolai Spitz:
  • “There might not be as much in advertising because of AI and everything, and I would love a healthcare or social services kind of environment.” [06:14]

Conclusion

This edition of Marketplace Morning Report delivers a concise but thorough look at why the dollar is surging (hint: it’s more about Americans staying close to home than global investors piling in) and why the health care industry continues to be the backbone of U.S. job growth. The program highlights both the opportunities and vulnerabilities of this health care-primary economy, making it essential listening for anyone interested in the current shape—and future direction—of the American job market.