National health spending in February was 4.8 percent higher than spending during the same month in 2015, according to a new report by the Altarum Institute, marking the fourth consecutive month in which spending growth has been below 5 percent.
Both December 2015 and January saw growth rates of 4.5 percent, the lowest since March 2014.
Health spending has also held steady at 18 percent of gross domestic product for four consecutive months from October 2015 through January 2016.
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"The growth rate in the services component of health spending is slowing and seems headed back to rates experienced in the years prior to expanded coverage," said Charles Roehrig, founding director of Altarum, in a statement.
"On the other hand," he said, "the slowing growth rate in spending on prescription drugs was interrupted by a jump in February and remains well above pre-expanded coverage levels. We will look forward to March data on prescription drugs to see if February was an aberration."
Healthcare prices, meanwhile, were 1.7 percent higher in February 2016 than in February 2015 and up from 1.6 percent in January, representing their highest rate since September 2014. The February 2016 12-month moving average held at 1.2 percent.
Year-over-year hospital price growth fell to 1 percent from 1.2 percent in January. Drug price growth reclaimed its title as the fastest growing price component, rising to 3.4 percent from 3 percent in January. Since June 2014, hospital prices for Medicare, Medicaid, and private pay patients have grown minus 1.5 percent, minus 2.3 percent, and 4.3 percent, respectively.
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The health sector also added 36,800 jobs in March -- more or less consistent with the 2016 first-quarter average of 39,000 new jobs per month, and the 2015 fourth-quarter average of 40,000 jobs.
Hospitals added 10,200 of those jobs, lower than the 2016 first-quarter average of 14,000 and the 2015 fourth-quarter average of 15,000. Consistent with recent patterns, health jobs grew 3.4 percent year over year, while non-health jobs grew 1.8 percent, increasing the health share of total employment to a new, all-time high of 10.73 percent.
Twitter: @JELagasse