Texas Recession - Zero Hedge Edition
I just saw this posted on Zero Hedge. The state of Texas has the highest announced job cuts of any state by a LONG SHOT. I don't suppose this should surprise anyone here given the current pricing challenges in the industry for the producers, and all things that factors into. Some of the commentary goes into saying how increased M&A activity will likely continue to have a negative impact on energy-related jobs as further consolidation takes place. Either way, this is a scary chart. Does anyone have any additional insights here for the broader economy? Is there another industry/state shoe to proverbially drop in the current economic climate?
Article link is here: http://www.zerohedge.com/news/2015-05-07/texas-jo…
As a citizen of and student in the Great State of Texas, I can tell you conclusively that the oil companies are still hiring PE's like crazy and that this "recession" has not hit any large areas. Austin, Dallas, and Houston are still booming.
Are some lower jobs created in the past 5 years being cut? I'm sure they are but those are on the periphery. It's not a dire situation by any means.
I've heard that M&A is a pretty big deal right now with lots of firms shutting down operations when the price of oil plummeted a year ago but the big companies are doing just fine.
Can be argued that PA and Ohio are up there too because of their (newfound) oil ties with the Marcellus Shale/Fracking boom.
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