Pocket of Strength: Employment in the Mining Industry

July 11, 2012 Frank Holmes

Did you know that one of the industries that has seen the best job growth in the U.S. is mining? As you can see below, from the end of December 2007 through May 2012, U.S. employment in the mining sector has increased 16 percent. This percentage change is far better than any other sector, according to data from the Bureau of Labor Statistics.

The number released on July 6 showed that unemployment remains stubbornly stuck above 8 percent and Business Insider shared once again its “scariest jobs chart ever”. However, global investors should keep in mind that there are always pockets of strength. If you break out the June unemployment rate by industry, you can see that mining, quarrying and oil and gas extraction remains the lowest.

This trend is set to continue, according to Citi GPS. Citi believes as many as 3.6 million new jobs may be created by 2020, with 600,000 jobs in the oil and gas extraction sector and 1.1 million jobs in the related industrial and manufacturing activity. The firm says this could drive national unemployment to fall by as much as 1.1 percent.

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About Frank Holmes 282 Articles

Affiliation: U.S. Global Investors

Frank Holmes is CEO and chief investment officer of U.S. Global Investors, Inc., which manages a diversified family of mutual funds and hedge funds specializing in natural resources, emerging markets and infrastructure.

The company’s funds have earned more than two dozen Lipper Fund Awards and certificates since 2000. The Global Resources Fund (PSPFX) was Lipper’s top-performing global natural resources fund in 2010. In 2009, the World Precious Minerals Fund (UNWPX) was Lipper’s top-performing gold fund, the second time in four years for that achievement. In addition, both funds received 2007 and 2008 Lipper Fund Awards as the best overall funds in their respective categories.

Mr. Holmes was 2006 mining fund manager of the year for Mining Journal, a leading publication for the global resources industry, and he is co-author of “The Goldwatcher: Demystifying Gold Investing.”

He is also an advisor to the International Crisis Group, which works to resolve global conflict, and the William J. Clinton Foundation on sustainable development in nations with resource-based economies.

Mr. Holmes is a much-sought-after conference speaker and a regular commentator on financial television. He has been profiled by Fortune, Barron’s, The Financial Times and other publications.

Visit: U.S. Global Investors

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