Mining Jobs Down 4,500; Loss of 2,700 in Oil, Gas Extraction
Despite the United States adding 271,000 jobs in October, jobs in mining declined by 4,500, with 2,700 job losses in oil and gas extraction and a decline of 1,500 jobs in support activities for mining, according to the jobs report released Friday by the U.S. Bureau of Labor Statistics.
The seasonally adjusted figures reveal a continuing trend of a loss in mining jobs for 2015, due in large part to the oil and gas industry’s troubling year because of significantly low commodity prices. The mining industry has shed 109,000 jobs this year after reaching a recent employment peak in December 2014.
Global oil and gas recruiting firm Swift Worldwide Resources estimated in September that the industry had seen more than 200,000 layoffs since crude oil prices began their decline. And while the consensus among experts, analysts and recruiters in the industry is that the “lower for longer” environment will last through 2016, it’s difficult to trim more jobs after there have been so many layoffs already. Chris Crawford, president of managing and consulting firm Longnecker & Associates, recently told Rigzone he believed many companies feel they have the right staff to weather the storm for the next 18 months.
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.