November Jobs Report: OFS Employment Reaches Highest Level Since March 2020

Employment in the U.S. oilfield services and equipment sector rose by an estimated 2,346 jobs to 645,486 in November, according to preliminary data from the Bureau of Labor Statistics (BLS) after adjustments to October numbers and analysis by the Energy Workforce & Technology Council (Energy Workforce). October adjusted number of 643,139 is up from the preliminary number of 640,282. Gains in November were made in all six categories tracked by Energy Workforce. 

The November increases make OFS employment the highest since numbers started to drop in March 2020, and roughly 60,000 off from the pre-pandemic mark in February 2020 of 706,528. Overall, U.S. employers added 263,000 jobs, down minimally from 284,000 in October, but still holding steady. The participation rate also took a slight dip, and the overall unemployment rate remains at 3.7%.  While the labor market remains relatively strong, it is cooling compared to the first two quarters of 2022. Additionally, most increases in hiring came in the leisure and hospitality, healthcare and government sectors.

“The latest increase in our sector is very encouraging. We now have almost gained back all the jobs lost since March of 2020 when the pandemic began to significantly hit the labor market,” said Energy Workforce & Technology Council CEO Leslie Beyer. “Building back our workforce is essential to meeting growing global demand for energy. Our workforce is producing at near pre-pandemic levels, while developing new technology and deploying innovative production processes that are lowering emissions. Further investments and a level regulatory landscape are needed to unlock the full power of American energy, providing energy security for our nation and that of our allies while continuing to decrease global emissions and lowering energy costs.”

November State-by-State Breakdown