Oil Employment Market on Downward Spiral Since Price Drop

As the U.S. economy keeps churning out new jobs, the energy sector continues to lose steam after a crash in oil prices has put a damper on the oil and gas production boom.

But the impact is being felt unevenly in communities that rely heavily on energy jobs, according to a CNBC analysis of labor market data. While many energy-dependent counties have been hit hard, some have seen employment hold up surprisingly well, according to the analysis.

By just about every measure, the rest of the U.S job market is on a roll.

“The current robust pace of job growth is double that needed to absorb the growth in the working-age population,” said Mark Zandi, chief economist at Moody’s Analytics, after the release of the latest monthly private employment data from payroll processor ADP. “The only blemish in the job market is the loss of jobs in the energy sector.”

via CNBC

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