November’s job report nailed it.
Data out of the Bureau of Labour Statistics on Friday showed that the US economy added 211,000 jobs in November, while the unemployment rate held steady at a seven-year low of 5%.
However, one struggling American industry continues to bleed jobs: mining.
“Mining and logging lost 11,000 jobs in November. Since reaching an employment peak in December 2014, the industry has lost 124,000 jobs,” according to the BLS report. Additionally, “over the month, support activities for mining and coal mining lost 7,000 and 1,000 jobs, respectively.”
Notably, “mining” includes the oil industry — and more specifically, the oil drillers. Over the last year, many have pointed out that the lower oil prices have made drilling that much more difficult. So, it’s not wholly unsurprising that jobs in that industry were hit hard over the last year.
And if rumours are true that the oil cartel OPEC has decided not to cut its production levels, then things could get even uglier.
Take a look at the grim chart below, showing the haemorrhaging industry: