With the addition of 200,000 private sector jobs in March, the U.S. job market is at its strongest point since the financial crisis.
However, companies likeSchlumberger (SLB),HP Inc (HPQ) andBoeing (BA) are still drastically cutting their workforces.
Schlumberger (SLB)
The U.S. oil industry has slammed to a screeching halt in the wake of 2014’s crude oil price collapse. Oil producers are shutting down exploration and production and oilfield services stocks are cutting every expense they can afford. Top companies are boarding up the windows and trying to weather the storm.
Jobs in oil are particularly high-paying jobs, and SLB has been forced to make the difficult decision to cut about 26 percent of its massive workforce.
In January, SLB announced that it plans to cut another 10,000 jobs in addition to the 24,000 jobs it has already cut since November 2014.
Of course, SLB is not alone. Oil industry layoffs during the current downturn have reportedly now eclipsed 250,000.
Even with all the expenses SLB has avoided with staff cuts, the world’s largest oilfield services company still couldn’t avoid a $1 billion loss in Q4 of 2015.
If there’s any silver lining to all of the U.S. oil industry layoffs, there are more jobs available today outside the energy sector for laid off workers than there have been in many years.
HP Inc (HPQ)
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