Oilfield employment continues to rise as overall US labor market gains

Employment in the U.S. oilfield services and equipment sector rose by an estimated 4,774 jobs to 628,793 in May, according to preliminary data from the Bureau of Labor Statistics (BLS) and analysis by the Energy Workforce & Technology Council, and after adjustments to April numbers.

April adjusted number of 624,019 is up from the preliminary of 622,309. Gains in May were made in five out of seven categories tracked. It is with the largest gains coming in support activities in mining (oil and gas sector). Moreover, heavy and civil engineering construction is in charge. Slight losses were seen in petroleum and coal products manufacturing. There are also losses in machinery manufacturing (in mining, oil, and gas).

Highest Data

The data reported is the highest since September 2021 when total jobs rebounded to 643,057. Still, it is off the pre-pandemic mark in February 2020 of 706,528. The growth in May comes as overall U.S. employers added 390,000 jobs, and the unemployment rate remains at 3.6%. Job increases came mostly in leisure and hospitality in May.

“It’s encouraging to see job growth increases in the sector. We are continuing to make gains from our pandemic lows and have seen seven straight months of gains,” said Energy Workforce & Technology Council CEO Leslie Beyer.
“I’m optimistic that our industry and workforce are up to the challenge. It will meet growing global demand by increasing domestic production while reducing global emissions. Without the powerhouse of American energy, the world suffers, the economy suffers, and millions of people face energy and food insecurity. We can unleash our domestic production while moving towards a lower carbon future if we keep our focus on emissions reduction instead of limiting our own resources.”

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Source: Oil & Gas 360

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