Jobs are returning to the U.S. oil patch after three straight years of bloodletting that included 206,000 layoffs and the bankruptcy of more than 125 companies. A 27-month plunge in oilfield employment is over (chart below), and companies have added about 2,500 jobs so far this year, according to the U.S. Bureau of Labor Statistics.

Why it's important: The oil patch is among the few bright spots for job-seekers with less than a college education. Even so, the jobs that are surfacing are not unskilled — they require training and often licenses. With a tight job market, companies are going to have to increasingly offer that training to attract and keep sufficient numbers of workers.

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Data: Challenger, Gray & Christmas, Inc., US Energy Information Administration; Chart: Andrew Witherspoon / Axios

More hiring appears likely: According to a new report by Fitch, the rating agency, U.S. shale drillers can manage through oil prices averaging as low as $45 a barrel, even less than the $47.09 where they closed Wednesday, which explains a 142% rise in the number of working rigs in the U.S. since the nadir in May 2016.

As long as oil prices are in the current band, the U.S. market will remain buoyant, and there will likely be intense economic pressure on the world's petro-states, like Russia and Saudi Arabia, most of which are having to support themselves through deficit spending.

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Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,739,537 — Total deaths: 751,910— Total recoveries: 12,895,242Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,242,184 — Total deaths: 166,971 — Total recoveries: 1,755,225 — Total tests: 64,612,034Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.