Jobs Report: US Mining Employment Unchanged in Nov.
Employment in mining, specifically oil and gas extraction, was relatively unchanged for the month of November, according to data released Dec. 2 from the U.S. Bureau of Labor Statistics. Seasonally adjusted figures reveal a loss of 1,100 oil and gas extraction jobs in November.
The November jobs report follows the trend of recent months of fewer declines in oil and gas employment, after a peak in September 2014. Since then, the industry has suffered tremendously from a global oil glut prompted by over-production. Hundreds of thousands of jobs have been lost all over the world, with oilfield services and support activities for mining being hit particularly hard.
The jobs report comes just days after the announcement that OPEC has finally agreed to cut its crude oil production for the first six months of 2017. Optimism quickly took over the industry, with some analysts saying oil prices could reach $75 per barrel in 2017. Jenny Philip of the Greater Houston Partnership said in October that many energy analysts believe the industry will start seeing more E&P (exploration and production) activity and hiring at about $55 oil. US crude oil closed at $51 per barrel Dec. 1.
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