The layoffs because of the oil crash continue.
Layoffs in the energy sector totaled in February, according to the latest monthly report from staffing consultancy firm Challenger, Grey & Christmas.
“Oil exploration and extraction companies, as well as the companies that supply them, are definitely feeling the impact of the lowest oil prices since 2009,” wrote John Challenger, CEO of Challenger, Grey & Christmas in the release. “These companies, while reluctant to completely shutter operations, are being forced to trim payrolls to contain costs.“
In February, 16,333 jobs in the energy sector were cut, while the loss of 18,299 jobs overall were blamed on the decline in oil prices. Year-to-date, 36,532 jobs in the energy sector have been lost compared to 513 jobs lost over the first two months of 2014.
This year, nearly 40,000 people — 39,621 to be exact — have lost their jobs because of falling oil prices, making up 38% of all layoff announcements the firm tracks.
Overall, employers announced 41,835 job cuts in February, up 21% year-over-year, and February marked the third month in a row that total job cuts have risen from the same period a year ago.
This chart tweeted by Bloomberg’s Michael McDonough shows just how badly the oil crash has affected employment in the energy sector.
As bad as this is, energy-related jobs make up less than 2% of the entire US workforce, so these layoffs seem unlikely to throw the labour market recovery off track.
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