US Dept. of Labor: Job Gains for March Weakest in More than a Year
Reports released April 3 from the U.S. Bureau of Labor Statistics show that while employment increased in March by 126,000, this was the weakest month for job gains in more than a year.
There were job losses in mining – a decline of 11,000. This continues the trend of the industry with more than 30,000 jobs being lost in 2015 already. In 2014, the industry added 41,000 jobs. This year’s industry losses and last year’s gains were concentrated in support activities for mining, which includes support for oil and gas extraction.
When crude oil prices began dropping the middle of last year, several oil and gas companies had to make capital cuts, including reductions of its workforces. Oil and gas powerhouses Schlumberger Ltd. and Halliburton Co. are just a few of the companies who cut jobs in efforts to deal with the sharp decline in oil prices.
But the jobs report is not all doom and gloom, according to some reports. With the perceived slowing of the economy, many are hoping that the U.S. Federal Reserve will not raise interest rates.
With the low job gains for March – making for a strong U.S. dollar – as well as other factors, there is little reason for the Fed to raise interest rates, reported Oilprice editor James Stafford in a Huffington Post article. According to Stafford, this would help oil and gas companies by causing the dollar to appreciate at a rate lower than expected and, because oil is priced in dollars, this would create a weaker dollar, causing oil prices to rise – a plus for oil companies.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call