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:
ConocoPhillips to shed 1,000 jobs
Houston-based energy equipment maker is also announcing more cuts:
FMC cuts 1,000 jobs as it preps for merger
Spending 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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