Oil Price Drop Translating into 51,747 Lost Jobs in US

Crude oil prices nose dived to around $50 a barrel, after peaking at $107 last June. In response, companies have taken an ax to their spending budgets and have cut jobs in the previously-robust energy industry.

Since June, American companies have disclosed 51,747 job cuts directly attributed to falling oil prices, according to data provided exclusively to CNNMoney by outplacement firm Challenger, Gray & Christmas, which closely tracks U.S. companies.

The vast majority of the layoffs — 47,610 — have been announced this year as oil prices have struggled to climb back up from the depths.

“This industry has always been subject to boom and bust,” said John Challenger, CEO of Challenger, Gray & Christmas.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza