The October jobs report crushed it.
Data out Friday morning showed that the US economy added 271,000 jobs in October. It was the strongest pace of employment growth this year, and nearly 100,000 jobs more than the consensus forecast for 182,000.
Additionally, the unemployment rate dropped to 5%, the lowest level since 2008. Economists consider a 5% rate to indicate full employment.
However, one struggling American industry continues to bleed jobs: mining and logging.
“Mining and logging continued its trend of employment losses in October (down 4,000),” according to the BLS report.”Mining accounted for all of the industry’s job loss in October and for 109,000 jobs lost since December.”
Importantly, “mining and logging” also includes oil drillers. Over the last year, many have pointed out that the lower oil prices have made drilling that much more difficult. Consequently, it is not wholly unsurprising that jobs in that industry were hit hard over the last year.
Take a look at the grim chart below, showing the haemorrhaging industry.
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