Shale Workforce Tightens as Unemployment Drops in September

According to a Labor Department study released on Friday, the job market in the US shale area is getting even tighter as drillers battle to recruit enough personnel to reach output objectives this year.

According to official data, the jobless rate decreased to 2.5% in September from 2.6% the previous month.

In contrast, a year earlier there was a 7.3% unemployment rate.

Oil corporations are reluctant to drastically increase wages because they want to keep a lid on costs that are out of control.

As a result, oilfield workers have been searching for jobs with higher compensation elsewhere, with renewable energy becoming the most sought-after industry.

Double-digit yearly wage increases won't be available to workers until 2024, according to industry expert Rystad Energy. Rystad predicted a 2.9% increase in pay this year.


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