Pocket of Strength: Employment in the Mining Industry
July 11, 2012
Did you know that one of the industries that has seen the best job growth in the U.S. is mining? As you can see below, from the end of December 2007 through May 2012, U.S. employment in the mining sector has increased 16 percent. This percentage change is far better than any other sector, according to data from the Bureau of Labor Statistics.
The number released on July 6 showed that unemployment remains stubbornly stuck above 8 percent and Business Insider shared once again its “SCARIEST JOBS CHART EVER”. However, global investors should keep in mind that there are always pockets of strength. If you break out the June unemployment rate by industry, you can see that mining, quarrying and oil and gas extraction remains the lowest.
This trend is set to continue, according to Citi GPS. Citi believes as many as 3.6 million new jobs may be created by 2020, with 600,000 jobs in the oil and gas extraction sector and 1.1 million jobs in the related industrial and manufacturing activity. The firm says this could drive national unemployment to fall by as much as 1.1 percent.
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