Oil fields are one of the best-paying jobs in the world, with the U.S. having a higher per-capita income than almost any other sector, according to data released Monday by the U-S.
Bureau of Labor Statistics.
In 2016, the number of petroleum field jobs was up by 6.6 percent, from 12.5 million jobs to 16.6 million.
That’s a 4.3 percent gain over 2015.
The unemployment rate fell to 5.6 percentage points, from 5.8 percentage points.
The BLS reports that total jobs rose by 9.5 percent from 1.7 million to 1.9 million, with more than 1.2 million workers in oilfield jobs.
The number of construction jobs was down by 2.3 million, from 3.4 million jobs.BLS chief economist Robert Samuels said that the increase in the number and wages of the petroleum industry in the year is an indication that the industry is on a solid footing.
He said the surge in oil production in recent years is contributing to the recovery in the oil market, and the overall increase in production has been the fastest since 2000.
He said oil production is still far below the levels of the late 1970s and early 1980s.
The oil industry has been growing at a rapid pace, with new wells being drilled every day, according the BLS.
The oil and gas industry accounts for about one-third of total U..
S., but the industry produces nearly 20 percent of all U.K. output.
Samuels called the new numbers “excellent.”
He said the data should help shed some light on how the economy is doing.
He added that the data could also help to inform the political debates about how much growth is needed to keep up with the nation’s rapidly aging population.
The unemployment rate dropped to 5,904 from 5,961, which is the lowest level since December 2000.
The drop in the rate is a sign that there are more people working and that the economy continues to grow, Samuils said.
He added that there was some variation in the data because some companies reported a loss in their payrolls.