Oregon’s unemployment rate was 4.1 percent in January and February. For 14 consecutive months, Oregon’s unemployment rate has been close to 4.1 percent, its lowest level since comparable records began in 1976. The U.S. unemployment rate was also 4.1 percent in both January and February.
In February, Oregon’s nonfarm payroll employment grew by 2,700 jobs, following a revised gain of 4,900 jobs in January. Three major industries each added 1,000 jobs or more: retail trade (+1,800 jobs), construction (+1,000), and health care and social assistance (+1,000). These gains were partially offset by losses of 1,100 jobs in private educational services, 900 in professional and business services, and 700 in manufacturing.
Payroll employment grew by 43,700 jobs, or 2.3 percent, in the most recent 12 months. In that time, gains were fastest in construction (+7,400 jobs, or 7.8%), other services (+3,200 jobs, or 5.1%), and leisure and hospitality (+9,700 jobs, or 4.8%). Meanwhile, growth in professional and business services slowed dramatically, as it added only 2,000 jobs in the past 12 months. The gain of only 0.8 percent was much slower than its average annual growth rate of 4.0 percent from mid-2010 through mid-2016.
Over-the-year job growth numbers for all states were released by the U.S. Bureau of Labor Statistics on March 12. Most Oregon industries ranked high in growth when compared with other states. Oregon’s total nonfarm employment grew 2.7 percent from January 2017 to January 2018. That was the fifth fastest job growth among the states, following Utah (3.1%), and Idaho, Nevada, and Washington (each at 2.8%). Oregon’s private sector tied with Idaho for the second-fastest job growth (behind Utah). Oregon industries placing in the top three include other services (1st), private education and health services (2nd behind Nevada), leisure and hospitality (2nd behind Utah), and financial activities, which tied for third with New Mexico (behind Idaho and Arizona).
The Oregon Employment Department plans to release the February county and metropolitan area unemployment rates on Tuesday, March 27, and the next statewide unemployment rate and employment survey data for March on Tuesday, April 17.
The Oregon Employment Department and the U.S. Bureau of Labor Statistics (BLS) work cooperatively to develop and publish monthly Oregon payroll employment and labor force data. The estimates of monthly job gains and losses are based on a survey of businesses. The estimates of unemployment are based on a survey of households and other sources.
*Effective with the January 2018 data, employment of Oregon’s approximately 17,000 home care workers are counted in private health care and social assistance instead of state government. The change was due to legislative action clarifying that for purposes of workforce and labor market information, home care workers are not employees of state government. The reclassification affects private sector and government monthly change figures for January 2018 and will affect over-the-year change figures through December 2018. It does not affect total payroll employment levels.
