US Jobs Report: Loss of Oil, Gas Jobs for August

Despite the United States adding 173,000 jobs in August and the unemployment rate dropping down to 5.1 percent, the oil and gas industry suffered again. The August jobs report released Friday by the Bureau of Labor Statistics showed mining jobs declined by 9,000, with 7,000 of those losses in support activities for mining.

The seasonally adjusted figures show that there were 1,100 jobs lost in oil and gas extraction since July 2015 while 7,200 jobs were lost in support activities during the same time period. 

Reeling from the decline in global crude oil prices, oil and gas companies small and large have laid off employees month after month. The downturn also set the stage for bankruptcies, acquisitions, company restructuring and other cost-cutting initiatives as many companies adjusted to the “new normal” of oil prices. Several analysts have expressed they expect a prolonged period of low oil prices that could last well into 2016. 

Unfortunately, companies have continued to layoff and there could be more layoffs in the future. Houston-based geoscience company ION Geophysical Corporation announced Sept. 2 it would implement an additional 25 percent workforce reduction

Valerie is an experienced writer and editor dedicated to providing useful and relevant career news about the oil and gas industry. Email Valerie at valerie.jones@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Valerie Jones
Editor, Careers | Rigzone
 -  Statoil Exec: Effective Leaders Should... (Mar 24)
 -  Recruiter Check-In: What's Happening i... (Mar 22)
 -  Enbridge Cutting 1,000 Jobs in US and ... (Mar 22)
 -  BLOG: Ask the Careers Editor Series to... (Mar 21)
 -  Semco Maritime Inks Deal with Maersk O... (Mar 17)


Most Popular Articles

From the Career Center
Jobs that may interest you
Sr Recruiter Mozambique Project Lead
Expertise: HR - General
Location: The Woodlands, TX
 
Records Manager
Expertise: Document Control
Location: Hanover, MD
 
United States San Antonio/Elmendorf: Entry Level Administrative Associate
Expertise: Secretarial or Administrative
Location: Elmendorf, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours