Energy Sector Layoffs Could Alter Labor Data Trends

When Jobless Claims were reported down sharply last Wednesday, one might have felt compelled to attribute it to the season. However, there’s no arguing against the long-term trend for claims. It clearly shows tangible and impressive improvement in the labor market. However, recently halved oil prices have energy companies reducing their spending plans for 2015, and that means layoffs are coming. See our report on the energy sector impact on the labor market here. Interests SPDR S&P 500 (NYSE: SPY), SPDR Dow Jones (NYSE: DIA), PowerShares QQQ (Nasdaq: QQQ), Energy Select Sector SPDR (NYSE: XLE), SPDR S&P Oil & Gas Exploration & Production (NYSE: XOP), Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX).