Employment in the U.S. oilfield services and equipment sector rose by an estimated 124 jobs to 640,282 in October, according to preliminary data from the Bureau of Labor Statistics (BLS) after adjustments to September numbers and analysis by the Energy Workforce & Technology Council (Energy Workforce). September adjusted number of 640,158 is down from the preliminary number of 640,767. Gains in October were made in four of the six categories tracked by Energy Workforce.
The October increases make OFS employment the highest since September 2021 numbers, but still off the pre-pandemic mark in February 2020 of 706,528. Overall, U.S. employers added 261,000 jobs, down from 315,000 in September, but better than the 200,000 economists had expected. The participation rate also took a slight dip, and the overall unemployment rate increased to 3.7% from 3.5%. While the labor market remains strong, it is cooling.
“Our workforce is at the forefront of developing new technology and deploying innovative production processes that are lowering emissions. The continued increases in our sector are encouraging, especially as gains across the country are declining,” said Energy Workforce & Technology Council CEO Leslie Beyer. “The industry is producing at almost pre-pandemic levels, with fewer employees and increased political hurdles. Further investments and a level regulatory landscape are needed to unlock the 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.”
October State-by-State Breakdown