Low Oil Prices Leads to Job Cuts in Houston, More on the Way

Low oil prices are weighing on the Houston, Texas job market where energy industry layoffs are expected to increase in the months ahead.
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Low oil prices are weighing on the Houston, Texas job market where energy industry layoffs are expected to increase in the months ahead. Patrick Jankowski, Senior Vice President of Research at the Greater Houston Partnership, says March was one of the weakest months for job creation on record. The Partnership plans to revise upward its projection for at least 10,000 energy jobs losses in the Houston area this year. He expects to see more layoff announcements after companies report earnings for the first quarter. But Jankowski says this current downturn won't be as severe as previous downturns.