US Jobs Report: Mining Employment Steadies in October
If the past two months are any indication, the rapid decline of oil and gas jobs in the United States is over. Data released Friday from the US Bureau of Labor Statistics show that employment in mining, specifically oil and gas extraction, was relatively unchanged in October.
This marks the second consecutive month that employment numbers remained steady. It’s a welcome turn of events after more than 230,000 mining jobs were lost in the last 2 years, after peaking in September 2014. Most of the losses were concentrated in support activities for mining, affecting several oilfield services companies.
But the industry seems to have bottomed out, and as oil prices inch their way back up, there’s likely to be more E&P (exploration and production) activity and eventually, hiring.
Some are quite optimistic about the oil price as Saudi Aramco CEO Amin Nasser said he expects oil prices to rebound in 1Q 2017, Reuters reported. And there’s been some M&A activity, most notably the recent announcement that General Electric Co. is merging its oil and gas business with Baker Hughes to create the second-largest oilfield services provider in the world.
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