Job losses expected to continue

    Juneau, Alaska (KINY) A state economist predicts jobs will drop by 0.5 percent in 2018.

    A new state labor department report shows the decline is less than 2017 levels of 1.1 percent and 2016 levels of 1.9 percent.  The report mentioned that it appears that jobs in state government,  and the oil and gas industry have stabilized a bit in recent months.

    The report said 500 jobs are expected to be cut in the oil and gas sector and the state government could also lose another 500 jobs amid the state fiscal crisis.  The price of oil reached $110 a barrel in 2014 and were listed as $68 a barrel this week.  The state budget is heavily dependent upon oil revenues.

    The state also has drastically reduced the capital projects budget that can provide construction jobs for communities

    Some sectors of the job market like the health care industry, have seen few impacts and could add jobs this year to serve an aging population.

    More from News of the North

    Crude Oil Price

    Current Conditions