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A Flash of Silver in Oil Payrolls By Liam Denning
Amid the jubilation about June payrolls, spare a thought for those employed — or previously employed — in America’s oil and gas fields.
The “mining and logging” sector — which encompasses oil and gas — was one of only two major industry groups to see a net loss of jobs last month, according to figures released on Friday by the Bureau of Labor Statistics. At just over 172,000, the number of people employed in “oil and gas extraction” hit its lowest level in five years.
Beneath the headline number, though, there are tentative —very tentative — signs of stabilization, mirroring what has happened with the rig count. As ever, though, it all rests on what happens with oil and gas prices, which have spent this week like a pair of stumbling drunks. Read More…