Chart of the Day: Drill, Drill, Drill = Jobs, Jobs, Jobs
Professor Mark J. Perry’s Blog for Economics and Finance
While the overall economy struggles to create jobs during another “jobless recovery,” it’s been a much rosier employment picture in one of America’s most successful “shovel-ready” job-creating industries: Oil and Gas Extraction.
The chart above displays the monthly percentage changes in employment levels since January 2007 for oil and gas extraction jobs compared to total nonfarm payroll jobs. As of January 2012, payroll employment is 3.3%, and 4.7 million jobs, below the month of January five years ago. In contrast, the explosion of new oil and gas jobs has increased employment in that industry by about 1/3 since January 2007. Over the last 12 months, oil and gas companies have added 23,200 new workers, at a rate of almost 100 new hires every business day.
Posted on February 18, 2012, in AMERICAS, Energy Economic Zone, North America, Political economy, United States and tagged Employment, employment levels, gas extraction, jobless recovery, jobs, new hires, nonfarm payroll, offshore oil and gas, oil and gas companies, Oil and Gas Extraction, oil and gas jobs, payroll employment, percentage changes, Shovel ready. Bookmark the permalink. Comments Off on Chart of the Day: Drill, Drill, Drill = Jobs, Jobs, Jobs.