Employment in the U.S. oilfield services and equipment sector increased by 4,385 jobs to its highest level since March of 2020 to reach 665,213 in May, according to preliminary data from the Bureau of Labor Statistics (BLS) after adjustments to April numbers and analysis by the Energy Workforce & Technology Council.
April adjusted number of 660,828 is down slightly from the preliminary number of 662,454. Gains in May were made in four of the seven categories tracked by Energy Workforce. The sector has added 35,937 jobs in the past 12 months and the May increase continues to bring the sector closer to pre-pandemic numbers of 706,528 in February 2020.
Overall, U.S. employers added 339,000 more jobs than expected and higher than the revised total of 294,000 jobs added in April. The overall participation rate remained at 62.6% in May. Among workers aged 25 to 54, the participation rate rose to 83.4%, the highest level seen since 2007. The overall unemployment rate ticked up slightly to 3.7% from 3.4% in April. Education and health, business services, and government led with the most gains in May with leisure and hospitality, construction, and retail all showing gains. Manufacturing was the only category experience a loss.
“The oilfield services sector is thriving and welcoming new talent across numerous specialties. For the past year, our sector has added almost 40,000 jobs, and it is still hiring. Our sector is in the forefront of creating new technology that is revolutionizing the industry, reducing emissions and streamlining production, providing exciting and challenging career opportunities. At the same time, the industry is powering the world with reliable, affordable energy, helping bring people out of energy poverty and providing our nation and our allies with energy security.”Leslie Beyer, CEO, Energy Workforce & Technology Council
May State-by-State Breakdown