The dominos will start falling as each sector adjust to the reduced activity.
Hopefully it won’t be a long lasting event.
Sinking Oil Prices Send Job Cuts Soaring
http://www.forbes.com/sites/samanthasharf/2015/03/05/sinking-oil-prices-send-job-cuts-soaring/
3/05/2015
Employers cut more jobs in February 2015 than they did in February 2014. This is according to a report out Thursday from outplacement firm Challenger, Gray & Christmas. The monthly reading shows lower oil prices pushing February cuts to 50,579 from 45,835 a year earlier.
This is the second month in a row that 2015’s numbers have come in higher than 2014’s, in January employers cut 53,041 jobs up from 45,107. The energy sector accounted for 36,532 of the 103,620 cuts so far this year. In February oil prices were cited at the cause in 36% of cuts.
“Oil exploration and extraction companies, as well as the companies that supply them, are definitely feeling the impact of the lowest oil prices since 2009,” said the firm’s CEO John Challenger in statement. “These companies, while reluctant to completely shutter operations, are being forced to trim payrolls to contain costs.”
Seeing it already here in West Texas.