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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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