While much has been written on the outlook of US oilfield services (OFS) jobs, the newest numbers are the most startling yet.
In May alone, that sector alone lost nearly 15,000 jobs, according to research by the Petroleum Equipment and Services Association (PESA), an OFS trade association, using data from the Bureau of Labor Statistics (BLS). Year-over-year, that represents a decline of 13.5% or 105,000 jobs. And from February to May alone, jobs in the sector declined 11.1%.
Total job losses due to pandemic-related demand destruction amount to 84,000. OFS employment is down from May 2019 and now stands at its lowest point since 2017. Losses were heaviest in April, totaling 59,666 jobs.
https://pubs.spe.org/en/jpt/jpt-article-detail/?art=7236
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