Jobs
Shale Patch Unemployment Plummets as US Explorers Vie for Crews
- Oil sector jobless rate fell to 0.8% in October: Labor Dept.
- Total oil workers on payroll is 3.5% lower than 2022 peak
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Unemployment in the US oil industry plummeted to one of the lowest levels on record as shale explorers scramble for workers to keep production flowing.
The jobless rate fell to 0.8% in October from 2.5% in the prior month on an unadjusted basis, government figures released Friday show. That compares with an unemployment rate of 10% a year ago and matches the level set in July.