Although there has been a massive slump in the number of active drilling rigs, the downturn in the oil sector will likely have a pretty modest impact on employment.
A similar-sized drop-off in drilling in 2008 triggered a 100,000 decline in mining employment over the next 12 months. That would equate to a decline of less than 10,000 per month.
One other downside risk is that the 5,500 striking oil refinery workers could reduce manufacturing employment for March. The dispute was only resolved at the very end of the survey period.
