Really. Gaaad!
Posted on 02/12/2015 10:25:53 AM PST by alexmark1917
It isn’t just Halliburton and oil companies.
It is Caterpillar, US Steel and many, many others.
We are the third largest oil producer in the world, it impacts us with far more job losses than the OPEC counties. We don’t just produce oil, we produce the services and products that sell to the oil industry in the US and all over the world.
http://www.centralvalleybusinesstimes.com/stories/001/?ID=27697
Falling oil prices also contributed to job cuts in the industrial goods manufacturing sector, where companies supplying products and materials to oil drillers were forced to shutter operations. These firms announced 4,859 job cuts in January, of which 1,600 (or 33 percent) were due to oil prices, the report says.
“We may see oil-related job cuts extend well beyond those industries directly involved with exploration and extraction,” says John Challenger, chief executive officer of Challenger, Gray & Christmas. “The economies throughout the northern United States that have been thriving as a result of the oil boom could experience a steep decline in employment across all sectors, including retail, construction, food service and entertainment.”
Mr. Challenger notes, however, that there are a number of industries throughout the country that will benefit from falling energy prices. Delta already reported significant savings tied to lower fuel costs. The airline is also seeing more travelers as lower ticket prices are spurring purchases from travelers, who have more money in their wallets. Trucking companies, plastics manufacturers and paint makers are also seeing bottom lines improve, he says.
“Despite the recent surge in job cuts, the net result of falling oil prices could ultimately prove to be positive for the economy as a whole,” Mr. Challenger says. “Not only will many industries see cost savings, but consumers will have more money for discretionary spending on things like dining out, travel, and entertainment. Lower prices at the pump has also been linked to higher sales of SUVs and other less fuel-efficient vehicles.”
While retailers may ultimately benefit from falling oil prices, the sector did, in fact, post the second largest job cut total in January, behind energy. Employers in the sector announced 6,699, the bulk of which came from the perennially struggling JC Penney and teen fashion retailer Wet Seal.
Despite large layoff announcements from the two companies, retail job cuts were still lower than the same month a year ago, when stores announced 11,394 cuts coming out of the holiday season.
Really. Gaaad!
Supply and demand.....for Govt. Pensions, that is. More extortions, more Greeky global paper makers by the Enronites.
LOL
Hey, alex, you’ve posted quite a few articles, but you never take part in the discussion on your threads. Are you out there?
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