While the U.S. economy continued to add jobs last month, states that rely heavily on the oil industry experienced significant cuts. Job losses hit particularly hard in Texas (down 25,400 jobs) and Oklahoma (down 12,900), leading the nation in losses. North Dakota lost 3,000 jobs, a significant cut in such a small state. The decline in oil prices has provided a windfall for consumers who are paying less at the pump. But the plunge is now hurting the states that had benefited from the domestic oil-production boom in recent years. All told, 31 states and Washington, D.C., saw a drop in employment in March, and only 18 states saw employment rising. The broad deterioration was a reversal from February, a month in which only 13 states saw decreases and 36 states and D.C. saw an increase. Michael Feroli , the chief U.S. economist for J.P. Morgan Chase , said Monday […]

Posted in: USA