Given the NFP release coming up on Friday, I thought it might be interesting to look at an obscure employment data point, via Jim Bianco:
CNN/Money – Finding jobs in America’s Boomtown
Workers are landing jobs that pay six-figures in the oil boomtowns of North Dakota. But the abundance of jobs and money comes with some steep trade-offs, including a lack of housing and extremely harsh winters. At 3.5%, North Dakota’s unemployment rate is the lowest in the country. (Nationwide, the rate is 9.1%). But among the small towns that lie along the Bakken oil formation, like Williston, Watford City and Belfield, unemployment is just 1.5%. Many of the highest-paying jobs are at oil companies, where workers make an average salary of about $100,000, often with little-to-no experience or need for a college degree. Halliburton, Continental Resources, Hess and Whiting Petroleum are among some of the biggest players in the area. And jobs include everything from working on a rig to hauling crude and equipment in trucks to helping with administrative work, said Shawn Wenko, workplace development coordinator for the city of Williston. But it’s not just the oil companies that are hiring. The oil boom has brought such a big influx of people that every single industry — from hospitality to retail — has been hit with overwhelming demand as a result.
Source: Bianco Research, LLC
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