Following month after month of declines, mining employment finally saw a reprieve in September. According to data from the U.S. Bureau of Labor Statistics released Oct. 7, employment in mining, specifically oil and gas extraction, was unchanged in September.
This comes after more than 200,000 U.S. job losses since peaking in September 2014. Oil and gas extraction and support activities for mining bared the brunt of the declines during the two-year-long industry downturn.
September’s jobs report shows promise, following the trend of fewer oil and gas job losses in recent months. And with mining employment remaining the same, it lends itself to the idea that the oil and gas industry has bottomed out and the worst is over.
Much of the industry rejoiced when OPEC finally agreed to cut crude oil production last week – a step to stabilize global price of crude oil. Oil settled at $52.51 per barrel Oct. 6, a four-month high.
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