The petroleum sector expecting brighter times

The petroleum sector expecting something brighter timesThe petroleum sector expecting something brighter times.Photo.

It is moving towards fewer permanent dismissals and fewer layoffs in the oil and gas industry, according to the NHO economy barometer.

The figures indicate that the labor market situation is becoming better. The proportion of firms stating that they will go to layoffs, decreased compared with the previous survey, says NHO.

Companies within the petroleum sector and industry contribute to the decline. The level is still high compared with previous years, but the decline indicates that there may be fewer permanent dismissals and thus fewer unemployed.

However, the percentage reports that it may be necessary to have layoffs, virtually unchanged. Here the situation is a little brighter for the oil and gas industry: an overview shows a decrease in the upcoming layoffs in petroleum-intensive companies.

In the period between 2012 and 2015 the number of companies struggling to obtain qualified labor dropped. So far this year this indicator has leveled off. This means that the surplus of job seekers are beginning to subside, so companies are seeing that.

It is still too early for fresh signs on the labor market, says NHO, reminiscent of the companies projecting zero growth this year. Meanwhile, expectations of employment growth in 2017 look better.

Source: NTB scanpix / Norway Today