U.S. OFS Sector Records Two Consecutive Months of Job Gains, but Future Still Uncertain

Employment in the U.S. oilfield services (OFS) and equipment sector rose in October for the second consecutive month, after sustaining massive losses of more than 90,000 jobs earlier this year because of Covid-19, the Petroleum Equipment & Services Association (PESA) said Monday.

Despite the recent uptick in jobs, the Houston-based trade association cautioned that the industry’s potential recovery is still murky because of rising Covid-19 cases.

“While the worst of the cutbacks appear to be behind the industry, the outlook remains uncertain because a resurgence in Covid-19 cases could suppress demand and derail economic recovery,” PESA said.

OFS employment increased by 6,430 jobs in October as U.S. oil and gas production started rising, according to a PESA analysis of...