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Huge Layoffs in the Mining Industry with 8,000 Jobs Lost

Getty Images

Getty Images

Long gone are the days of 2014 when the U.S. added 41,000 mining jobs. Jobs in mining continued to decline last month by 8,000 despite the United States adding 292,000 jobs.

Of those job losses, 5,500 were in support activities for mining according to the jobs report released Friday by the U.S. Bureau of Labor Statistics. The decrease is due to companies coping with a low-cost environment (a result from oversupply).

Job losses in oil and gas extraction continue to decline as well with 900 in December domestically and a quarter of a million jobs lost globally in 2015.

Companies are expected to lay off employees through 2017. Industry analysts and experts say not to expect a full market recovery as 2016 will be another difficult year.

Article written by HEI contributor Aliyah Cole.

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