Outside of individual’s holding oil stocks, damage to the economy from the fall in oil has been pretty minimal so far. Indeed, the price cut in home heating oil and gasoline has probably outweighed the damage from lower oil prices… so far. Unfortunately, this situation may not last. Analysts are starting to look beyond the boost to the economy from low oil prices and see the damage that is being done by worker layoffs, slowing business, and falling home prices in oil producing states. Indeed, one recent estimate suggested that up to four jobs could ultimately disappear for every one job lost in the oil sector.
Archives for April 2015
The U.S. Bureau of Labor Statistics (BLS) released the March Unemployment figures on Friday April 3rd. According to the BLS the Current Unemployment Rate (Seasonally adjusted) for March was 5.5% unchanged from February. The Unadjusted Unemployment rate however fell from 5.8% to 5.6%. However, according to Gallup the Unadjusted Unemployment rate was actually 6.5% and the U-6 unemployment rate was 15.6% down from 16.1% in February.