Employment in the US mining industry excluding oil and gas extraction increased in February for a third straight month, the Labor Department reported Friday.
The number of jobs in the sector rose by 200 for a total of 195,700, the Bureau of Labor Statistics. The oil and gas extraction sector saw a boost of 800 positions to 150,600.
The BLS said coal mining jobs rose by 100 to 52,800, metal ore mining saw an increase of 100 jobs to 41,100 and nonmetallic mineral mining and quarrying was unchanged at 101,800. Support activities, however, saw a decrease of 3,800 to 362,000.
“It is very competitive in the mining industry to attract and retain experienced personnel,” Gold Resource Corporation (NYSEAMERICAN:GORO) CEO Jason Reid told Proactive Investors. “This trend may temporarily subside a bit if the proposed megamergers happen along with the associated employee layoffs in the name of synergies and efficiencies takes place.”
US stock index futures plummeted Friday after the government reported that US employers added much fewer jobs than economists had forecast.
NFP results disappoint
Non-farm payroll employment increased by 20,000 in February, compared with estimates of 175,000 jobs created. The unemployment rate, however, decreased to 3.8%, compared with the forecast of 3.9%.
Dow Jones Industrial Average futures were down 201 points, or 0.8%, to 25266 on Friday.
–This story was updated to giving mining and oil and gas employment–
Contact Dennis Fitzgerald at [email protected]