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How Long Can North Dakota's Oil-Based Economy Hold On?

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Oil prices may be reaching the bottom of the barrel – but for the state that was at the epicenter of the shale-oil boom in the past few years, North Dakota has ridden out this year’s bust. So far. Mining layoffs hit the self-styled “legendary” state, with about 10,000 total jobs lost over the past 12 months ending in October, but the total unemployment rate in North Dakota is 2.8%, far below the 5% average nationwide. But if oil prices remain at the current six-year low of around $35 a barrel, 2016 could bring some pain. Low oil prices led Moody’s Analytics to forecast that North Dakota “will underperform the nation for the next several years and will flirt with recession through early 2016.” Local news reports also say the state is dealing with a record number of unemployment insurance claims this year, mostly from seasonal workers.

Added on the 27/12/2015 12:14:33 - Copyright : Wochit

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