Shale Job Losses Accelerating and the Worst May Be Yet to Come
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Roughneck job cuts accelerated in July and the outlook may worsen as new Covid-19 cases stifle economic activity, according to the Petroleum Equipment and Services Association.
The U.S. oilfield-services sector shed 9,344 jobs last month, a 43% increase from June’s losses, the industry-funded trade group said in a report released Monday. That pushed the industry’s total job casualties since the pandemic emerged to 99,253.