Friday’s jobs number beat expectations and made 2014 the best year for overall job gains since 1999.
But the big story in 2014 was the crash in oil prices, with West Texas Intermediate crude prices sitting more than 50% lower than their highs of just six months ago.
In the wake of this decline, many are waiting for the knock-on effects of this decline to hit the economy, one of which could be job losses in the oil and gas sectors as production is shut down.
The jobs report, however, indicated that these impacts haven’t yet shown up in the data.
According to the BLS, the number of jobs in the petroleum and coal products industry rose by 2,000 from November to December.
Recent data from oil driller Baker Hughes has indicates that the number of US oil rigs in use has fallen steadily in December, but the impact this is having on jobs hasn’t quite shown up yet.
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