The United States government has filed a lawsuit on Wednesday to prevent Halliburton Co. from acquiring Baker Hughes Inc., claiming that the merger of the number 2 and number 3 oil services companies would result in higher oil prices.
Recent data from the Labor Department shows that U.S. hiring increased to a nine-year high in February. This is a sign of vigorous demand by businesses for fresh workers. However, the numbers of job openings have slid down.
As the prospects of top oil exporters coming to an agreement to reduce oil oversupply became less likely, oil price reacted by hitting its one-month low. Even as other commodities also lost ground, the U.S. dollar steadied after the strong U.S. jobs data was released on Friday.
The economy of the United States grew slowly in the fourth quarter although not as significant as predicted earlier. There was slightly strong consumer spending which balanced the drag from measures taken by business owners to cut their inventory overhangs.
Data from the U.S. Bureau of Labor Statistics show that hiring by employers in 30 states increased in January. The biggest job providers are led by Florida, followed by Texas and North Carolina. But there were also 20 states that slashed jobs.
Avon announced on Monday that it will slash around 2,500 positions in its United States facilities and move its headquarters to the United Kingdom. This move follows right after the company sold its operations in North America to Cerberus Capital Management.
Plummeting prices of energy has forced Texas to cut approximately 60,000 jobs in 2015. Oil and gas companies in Houston have reduced their production and slashed their investments and laid off geologists and engineers due to the continuing slump in oil prices.
Unemployment for young college graduates known as the millenials has dramatically dropped in the past two years. However, many young workers are still facing great obstacles in achieving personal economic security.
U.S. workers are finally seeing the light as employers stepped up hiring last month. The country has infused the job market with an additional 242,000 jobs in February. The total number is much better than the 172,000 jobs added in January.