Continuing examination of the March jobs report, the energy sector was one of the biggest losers as oil and gas producers low oil prices resulted in a reduction of employment. Mining jobs fell by 11,000, marking a total loss of 30,000 jobs on the year after adding 41,000 jobs in 2014. These jobs have primarily been concentrated among support positions such as contract companies, and are the jobs most likely to be cut in periods which call for restraint.
The effects of low oil prices seem to be hitting hard in the U.S. labor market. While consumers have rejoiced, the consequences for oil and energy suppliers in the U.S. have started to become much more apparent. However, as oil prices have steadily begun to rise again, perhaps the worst effects of oil pricing on employment have already been felt and will improve in the upcoming months.
http://blogs.wsj.com/economics/2015/04/03/oil-and-gas-jobs-take-a-hit-in-the-march-jobs-report/
3 Comments
I’m from Louisiana, and the oil price downturn has hit the state particularly hard. The state is now facing a steep deficit this year, and many companies have laid off workers and postponed capital investment until prices recover.
See also Mary Beth’s project, and related blog posts (not just hers).
Certainly not unexpected considering the year energy has had, but seeing the state-by-state breakdown and analysis of job loss is concerning and much more effective than a national poll.
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