Labor market adjustments 2006 - present
Total private sector
The horizontal axis shows employment, the vertical axis the mean hourly real wage (2019 prices). The resulting S-shaped curve reflects the decline in employment during the Great Recession of 2008-2009.
Crude oil prices
There are two main prices used for oil: one for the US Great Plains, and the other for the European North Sea. Occasionally, when production is high in the Great Plains, bottlenecks make transportation expensive for buyers who wish to move the oil to the rest of the country. On those occasions, US oil prices fall below the European, to compensate for the increased cost of transportation.
Mining and logging sector
This sector experienced two major decreases in employment: one during the Great Recession of 2008-2009, and the other when petroleum prices fell in 2015.
Manufacturing durable goods sector
Durable goods include many big ticket items such as motor vehicles and appliances, as well as industrial equipment. This sector was also affected by the decline in petroleum prices in 2015.
Construction sector
Retail trade sector
Transportation and warehousing sector
Information sector
