Veterinary Practices NAICS 541940

Jul 24, 2025 - Consumer Prices, Labor Costs Up

• Consumer prices for veterinary services increased by 6.1% in June 2025 compared to a year ago and were flat compared to the previous month, according to the Consumer Price Index data from the US Bureau of Labor Statistics (BLS). Employment by veterinary practices fell 0.8% in May 2025 compared to a year ago, per the BLS. In the past decade, employment by veterinary services rose 35.4%, faster than the 13.4% growth in overall private employment, reflecting the growth in pet ownership during the period. Average wages for nonsupervisory employees at veterinary practices increased 4% in May 2025, reaching $29.93 per hour.
• Consumer sentiment, an indicator of discretionary spending, increased slightly in July 2025, rising to 61.8 in preliminary July data from 60.7 in June, according to a report in the Wall Street Journal. The consumer sentiment index from the University of Michigan hit a recent peak in December of 74, buoyed following the presidential election, but dropped to 52.2 in April 2025 as consumers expressed uncertainty about tariff effects and rising inflation. In July, respondents’ inflation expectations for the coming year were an anticipated price increase of 4.4%, which was tracking higher than in January, when respondents expected prices to grow by 3.9%. However, July’s inflation expectation results were lower than June’s, when respondents expected a 5% price increase for the coming year. The index serves as a predictor of consumer spending as it indicates consumers’ perception of their financial prospects and the broader economy.

• New data from Trupanion reported in Veterinary Practice News shows that anxiety-related health claims among cats and dogs have increased 93% nationally from 2019 to 2025. The growth in claims may not only reflect a rise in cases, but also greater awareness and access to care. Certain breeds tend to have more anxiety issues including Australian cattle dogs, terriers, Portuguese water dogs, Shetland sheepdogs, and American pit bull terriers. Cat breeds with higher anxiety claims include Siamese, Bengal, and Siberian cat breeds. Signs in pets of anxiety may include behavioral changes, excessive grooming or vocalization, and elimination outside the litter box, as well as clinginess and hyperexcitability. Trupanion findings come from an analysis of claims data from more than two million insured pets.
• A new state-specific survey by Banfield Pet Hospital of pet owners shows some are skipping preventative care, according to DVM 360. States with lagging flea and tick treatments included Arizona (87% likely to miss the treatment) and Oklahoma (75% likely to miss the treatment). The survey showed that pet owners often skipped brushing their pet’s teeth in Tennessee (89%), Minnesota (89%), Wisconsin (89%), and Virginia (86%). The survey revealed that pet owners from South Carolina were the most likely to never miss their pet’s flea and tick treatments (48%), never miss their pet’s vaccine due dates (39%), and never miss their pet’s biannual checkups (21%).