40 Percent Of January Job Cuts Due to Oil: Challenger

Despite a brief rally above $50 in the past week, oil prices were crushed yesterday falling to around $48.50 after US crude stockpiles were larger than estimated.  Today, crude oil is rallying $1.22 to $49.70 after it found a relief rally from yesterday’s carnage.  Despite very low oil, US shale producers are still producing oil on a large scale.  Corporate wise, other than earnings hits, we have seen limited bankruptcies and defaults due to the crashing oil.  However, what is not immediately able to be seen is the fact that oil companies are surviving due to big job cuts. Challenger, Gray & Christmas, Inc. released their “2015 January Job Cut Report” this morning which shows 53,041 Americans lost their...