If You Think The Oil Crash Is Bad For Job Creation, Then You've Got The Big Picture Story All Wrong

Deutsche Bank's Torsten Sløk has a new chart this morning putting the US shale boom's contribution to job growth into some context. Simply put, it's helped, but it hasn't been the dominant driver.

"Less than 1% of total employment in the US economy is in the energy sector," Sløk said.

That means if the industry gets hit hard by low oil prices, the greater economy may not feel it very much.

Here's what Sløk had to say in his note: "Think about it; if falling energy prices was really so bad for the economy, why has employment growth then been accelerating since oil prices started falling in July? In my view, the Fed knows this: Falling oil prices is unambiguously good news for the macro economy."