March 23, 2017
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Housing figures, combined with slowing decline in the labor market prompted the Federal Reserve Bank of Dallas to say that the Permian Basin labor market “stayed relatively stable in 2016.” Stable, that is, compared to 2015, when oil prices were sliding.
Specifically, employment in the mining, logging and construction sector lost only 0.4% of its jobs in 2016, versus the 18.3% lost in 2015. In addition, the Dallas Fed’s most recent report indicated that exploration and production firms were expected to increase capital spending in 2017, prompting analysts to note that “this could be a tailwind for the Permian Basin labor market.” Overall, monthly crude oil production levels were estimated to have increased to 2.3 million barrels per day in the Permian Basin during February 2017.
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