March Employment Report: OFS Jobs Rise in March


March Jobs

Employment in the U.S. oilfield services, and equipment sector rose by an estimated 2,698 jobs to 608,702 in March, according to preliminary data from the Bureau of Labor Statistics (BLS) and analysis by the Energy Workforce & Technology Council (Council). Gains were made in six of seven categories, including machinery manufacturing, chemical manufacturing, and petroleum and coal products manufacturing.
 
The data reported 608,702 total OFS jobs, the highest since September 2021 when total jobs rebounded to 643,057, but still off the pre-pandemic mark in February 2020 of 706,528. The 0.5 % growth in March comes as overall U.S. employers added 431,000 jobs in March, slightly lower than expected, but dropping the unemployment rate to 3.6% down from 3.8%.
 
“Oil and gas demand has continued to rise, and LNG output is expected to increase as the U.S. looks to help supplement Russian energy resources in Europe,” said Energy Workforce & Technology Council CEO Leslie Beyer. “It’s encouraging to see job growth increases in the sector and that we are continuing to make gains from our pandemic lows and 2021 fourth quarter losses. I’m optimistic that our industry and workforce are up to the challenge to increase domestic production, but government leaders need to reduce regulatory roadblocks in order to spur growth.”
 
The Council is the national trade association for the energy technology and services sector representing 600,000 jobs in the technology-driven energy value chain. More than 450 member companies are involved in energy equipment manufacturing, drilling, well completions, well services, pressure pumping, renewable energy technology and servicing, geothermal development, and more. 
 
The innovative men and women who comprise this sector are leaders in developing and deploying innovative technologies on a global scale that increase efficiency, improve environmental performance, and reduce greenhouse gas emissions.
 
Energy technology and services sector employment is estimated by analyzing data published by the U.S. Bureau of Labor Statistics and covers the economic activities of energy technology and services companies, which include oil and gas extraction, construction and manufacturing. Total employment is estimated using the Quarterly Census of Employment and Wages, published by BLS, and jobs data reported by BLS monthly.
 
Note: BLS data is preliminary for the two most recent months and is subject to revision. The Council incorporates monthly totals according to BLS corrections, and updates the statistical model quarterly.

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