The oilfield services sector remains a vital component of the national economy, showcasing resilience amid broader economic fluctuations.
The U.S. oilfield services sector experienced a slight decrease of 2,926 jobs in May, according to preliminary data from the Bureau of Labor Statistics (BLS) after adjustments to April numbers and analysis by the Energy Workforce & Technology Council. As of May 2024, the sector’s employment stands at 645,345 jobs.
Despite signals indicating the job market is beginning to flatten, the oilfield services sector remains a vital component of the national economy, showcasing resilience amid broader economic fluctuations. While the national economy added a better-than-expected 272,000 jobs in May, the unemployment rate experienced a slight increase to 4%.
The national economy has experienced a variance in performance across different sectors. However, the oilfield services sector continues to demonstrate its fundamental role in driving energy production and technological innovation.
Notably, nationwide crude and condensate production held a record-breaking rate of 13.2 million barrels per day (b/d) in March 2024, according to the U.S. Energy Information Administration (EIA).
“While we are beginning to see some signs of a flattening job market within the oilfield services sector, we are also experiencing a continuation of record-breaking U.S. oil and gas production,” said Energy Workforce president Molly Determan in a press release. “The energy sector’s resilience and ability to adapt amid economic fluctuations highlight its importance to the national economy. It’s clear that we are doing more with less, maintaining high productivity and innovation with fewer resources.”
