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The number of workers in US oil fields and the amount they’re paid have now fallen for two straight months to their lowest levels this year, indicating the wave of mergers and acquisitions in the sector are taking a toll on employment.
The overall number of front-line US oil and gas workers fell 1.2% on a month-over-month basis to 118,400 in August, according to a Labor Department report released Friday. The jobless rate in oil and natural gas rose to 3.5% in August on an unadjusted basis, compared with 2.5% a year earlier.
The average hourly earnings of those workers fell 2.7% from June to $43.10. It suggests the industry is catching up to other sectors, where pay increases have slowed over the past two years.
The US oil industry is in the midst of major consolidation, as oil companies are buying their rivals to cut costs, extend the life of their assets and pump cash back to shareholders. The cost reductions appear to be trickling down to the workers as the industry looks to do more for less.
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