Oil Worker Wages Hit New Highs Despite Slowing Drilling Activity
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Wages for US oil workers climbed for a third straight month, setting a fresh record as paychecks prove resilient amid slowing shale activity.
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Average hourly earnings for front-line oil-and-gas workers rose 0.9% in September from the previous month to $43.63, according to a Labor Department report.
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Oil companies are fighting off the costly effects of aging US oilfields as wells become less productive.
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With drilling down 19% since the start of the year, shale output is forecast to drop from September through November.
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The jobless rate in oil and natural gas jumped to 6.1% in October, higher than the overall US level.