Overall Employment Drops; Oil And Gas Industry Employment Increases

Rigzone is reporting:

The unemployment rate dropped to a 4.5 year low and job growth was less than expected in August as workers gave up the search for work, the U.S. Labor Department said Friday. The unemployment rate fell to 7.3 percent, the lowest since December 2008.

Economists had expected job gains of 180,000 last month and for the unemployment rate to hold steady at 7.4 percent, reported Reuters. Additionally, hiring was less than expected in August, with the job count for June and July revised to show 74,000 fewer positions added than previously reported.

While overall employment dropped, the oil and gas industry saw gains, adding 193 jobs in May, 193 in June, 195 in July and 196 in August. As for employment by occupation, petroleum engineering grew the fastest, adding 19,880 jobs in 2012, with the geoscientist occupation adding 9,640 jobs.

It could be a whole lot more if Washington were even the least bit supportive.