How Much is Oil Supporting U.S. Employment Gains?

The American Petroleum Institute said last week the U.S. oil and natural gas sector was an engine driving job growth. Eight percent of the U.S. economy is supported by the energy sector, the industry’s lobbying group said, up from the 7.7 percent recorded the last time the API examined the issue. The employment assessment came as the Energy Department said oil and gas production continued to make gains across the board. With the right energy policies in place, API said the economy could grow even more. But with oil and gas production already at record levels, the narrative over the jobs prospects may be failing on its own accord.

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The 10 best states to be unemployed

As a result of the sequester, which went into effect in early 2013 to help cut the U.S. budget deficit, a federal program intended to lengthen the amount of time jobless residents can receive unemployment benefits will be substantially reduced. Cutting Emergency Unemployment Compensation will mean an end to an important source of income for many out-of-work Americans.

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