Not-for-profit hospitals are not likely to recover from the recession until well after the broad economy recovers, according to a new report by Moody's Investors Service. "The majority of hospitals in the U.S. continue to experience stagnant-to-declining volumes of patient demand, a trend that first began in 2008 as the recession unfolded," the report states. "Operating performance continues to be depressed with no sign of near-term recovery. This drop in demand is clearly recession-induced as patients have either lost insurance coverage, had their coverage cut by their employer, or fear losing their coverage. …The most likely scenario for improved credit conditions in this sector in the near-term is a resumption of strong employment growth among larger firms offering full health care benefits. But this scenario seems unlikely, especially when there is so much uncertainty about federal health care insurance policy." The report, "Are U.S. Municipal Issuers on the Road to Recovery?," predicts a sluggish recovery for most sectors of the municipal bond market.