Oil industry employment appears to be stabilizing

2 Apr 2015

oil production

Mike English, Albuquerque Business First | Job cuts in the oil industry appear to be slowing, with just 1,279 jobs lost in March due to the oil crash, according to a report at Business Insider.

The latest data from staffing firm Challenger, Gray & Christmas showed that oil-related job cuts were down 92 percent from a month ago, when 19,000 oil industry jobs were lost in February.

Oil industry jobs accounted for more than a third of job cuts in the first quarter nationwide. Of the 140,214 job cuts announced in the first three months of the year, 47,610 were directly attributed to falling oil prices.

"Without these oil related cuts, we could have been looking one of lowest quarters for job-cutting since the mid-90s when three-month tallies totaled fewer than 100,000. However, the drop in the price of oil has taken a significant toll on oil field services, energy providers, pipelines, and related manufacturing this year," said John Challenger, chief executive officer of Challenger, Gray & Christmas.

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