October 17, 2024 3;30 a.m.
Oregon’s unemployment rate was 4.0 percent in August and September and has been in a tight range between 4.0 percent and 4.2 percent since October 2023.
An Oregon Employment Department release said the U.S. unemployment rate was little changed at 4.1 percent in September in 4.2 percent in August.
State Employment Economist Gail Krumenauer said other labor force indicators also reflected stability. Krumenauer said Oregon’s labor force participation rate was 63.0 percent in September, the same as in each of the four prior months. Prior to that it generally rose slowly over the past four years, from 62.0 percent in September 2020, indicating a larger share of Oregonians working or seeking jobs. Meanwhile, Oregon’s labor force was stable during the past five months, remaining close to 2.19 million people.
OED said in September, Oregon’s seasonally adjusted nonfarm payroll employment gained 800 jobs, following a revised increase of 900 jobs in August. September’s gains were largest in health care and social assistance, which added 700 jobs. Declines were largest in construction, which lost 1,500 jobs. None of the other major industries experienced a monthly change of more than 600 jobs.
Krumenauer said in the past 12 months, health care and social assistance grew rapidly, adding 15,100 jobs or 5.2 percent. Government added the second most jobs, with an increase of 5,700 jobs or 1.8 percent. Only three other major industries – other services, wholesale trade, and transportation, warehousing and utilities – grew since September 2023, each adding 1,400 jobs.
The other nine major industries declined during the past 12 months. The five industries that cut more than 1,000 jobs were retail trade, which lost 7,000 jobs or 3.4 percent, professional and business services which cut 5,000 jobs or 1.9 percent, construction which lost 4,000 jobs or 3.4 percent, leisure and hospitality which had 2,500 jobs or 1.2 percent shuttered, and financial activities which lost 2,200 jobs or 2.1 percent.