The Energy Sector is Sneezing, but the Economy Has Not Caught a Cold

All jobs matter. That said, while it’s difficult to watch the tremendous number of layoffs occur in the energy sector over the last 2 years, several industries – airlines, lodging, and chemicals, for example – are actually benefitting from the lower oil/energy prices. As a result, the layoffs in the energy sector have been fairly confined without much of a spillover into the rest of our economy. The chart below, tweeted by Renaissance Macro Research, illustrates this point.

Source: Haver Analytics, Renaissance Macro Research