Still waiting for large, economy-wide job increases from the “shale revolution” From Goldman Sachs, “Is the Economy Gaining “Fracktion?”” (not online): There is little evidence of significant “induced” employment growth in downstream manufacturing industries. Similarly, cap-ex in energy intensive sectors that might be expected to benefit most from the shale boom has not outperformed cap-ex in other sectors during the recovery, although it did decline by less during the recession. On top of fears that the surge in unconventional oil and natural gas will not be enduring [1] [2] [3] , there remains some doubt that the development of fracking will be the game-changer that many have claimed – at least with respect to macroeconomics. (Prominent studies include IHS (2012) , McKinsey (2013) .) Below I turn first to a discussion of employment growth in core oil and gas extraction. Then I […]