Energy jobs carnage continues despite uptick in production
Leading the cuts is oil service company Schlumberger with 8,000 new cuts in the second quarter in an attempt to deal with a $2.5 billion loss for that period. This raises their total job cuts during the downturn to about 50,000.
Other energy companies are also cutting back:
This could explain why the economy is not growing at a faster clip.
Other energy companies are also cutting back:
ConocoPhillips to shed 1,000 jobsHouston-based energy equipment maker is also announcing more cuts:
FMC cuts 1,000 jobs as it preps for mergerSpending cuts for energy companies worldwide are around $370 billion in the last two years.
This could explain why the economy is not growing at a faster clip.
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