Last Friday, the U.S. Bureau of Labor Statistics released jobs report announcing 4,500 jobs were cut in the mining industry last month, not including the 1,500 jobs in support activities for mining, adding to the 109,000 jobs lost this year.
The mining industry is not the only one experiencing major layoffs. 2,700 jobs were lost in oil and gas extraction. In September, the oil and gas industry had over 200,000 layoffs globally according to Swift Worldwide Resources, international oil and gas recruiting agency.
The job decline in the mining, oil, and gas industry this year is a result of low commodity prices in the oil and gas industry. Recently, the oil benchmark was set to $50 causing a $2.05 trillion loss in the market. Layoffs were anticipated to follow. Analysts in the industry predict that this trend will continue next year.
Article by HEI contributor Aliyah Cole