Health care spending in the United States rose 2.5 percent in March from a year earlier to $11,065 billion, according to data released Monday.
But health care spending was down more than 6 percent from a month earlier and the economy is still in a recession, the National Bureau of Economic Research (NBER) reported.
In addition, health care costs rose 5.5% from a seasonally adjusted pace, a trend that is largely due to the Affordable Care Act, according the report from the National Institute on Aging.
“The health care market is still relatively new, and the Affordable Health Care Act is not yet fully operational,” said NBER Director Paul Krugman.
“Despite these difficulties, the country is starting to see some progress toward a health care system that can compete with some of the other advanced economies.
There is still some way to go, but we are starting to get a better sense of what we can expect in the future.”
The NBER report showed that health care cost growth in the US was lower in March than it was in January.
Overall health care expenditures increased 2.4 percent, while health care inflation rose 0.7 percent.
Overall spending on medical supplies and services increased 1.9 percent.
“Health care costs continue to be a major contributor to the U.S. economy,” NBER Chief Economist Robert Litan said.
“However, spending on health care is also the single largest source of the overall U.K. and U.US. unemployment rate, and health care services continue to provide important employment for many people.”
Health care is the third-largest source of U.H.S.-wide unemployment and the sixth-largest employer in the U-K.
The health care sector was responsible for about 13.6 percent of the U.-K.
unemployment and 8.3 percent of U-H.W. unemployment in March.
The total health care budget is $9,067 billion, or 2.7% of GDP, the report said.
The average monthly bill for a U.M. employee is $2,621.
A recent NBER analysis of federal health care data showed that more than half the U to U population lives in households that receive some type of health insurance.
In March, the average monthly cost of a U-M employee’s health insurance policy was $3,622, according a recent survey of UMich employees.