Employment in the U.S. oilfield services and equipment sector decreased by 117 jobs, remaining steady as the labor market and economy slowed in July. Even with a slight loss in July, jobs in the sector remain above 665,000 totaling 665,016 according to preliminary data from the Bureau of Labor Statistics after adjustments to June numbers. The BLS adjusted June numbers showed a slight dip from preliminary reports of 665,258 to 665,133. Employment across the sector is holding steady but still off the pre-pandemic level of 706,528 in February 2020.
Overall, U.S. employers added 187,000 jobs, less than expected but slightly higher than June’s revised number of 185,000, representing a continued cooling in the economy and labor market. The overall participation rate remained at 62.6% in July, slightly off historical averages of 62.84% and the overall unemployment rate dropped to 3.5% from 3.6% in June.
“Employment in the oilfield services sector remains steady as the overall economy cools. While U.S. job growth continues to ease, we encourage those seeking employment to look for opportunities across the energy services and technology sector, which provides exciting and challenging career opportunities in an industry at the forefront of developing and deploying new emissions reducing technology, revolutionizing how we power the world with reliable, affordable energy.”Molly Determan, President, Energy Workforce & Technology Council
July State-by-State Breakdown