Wednesday, February 27, 2013

Job Growth Climbing Back to Average in 2012

Words like "slow" and "weak" and "sluggish" are often used to describe Oregon's job growth these days. They each accurately describe the jobs situation, but another adjective could find its place among these economic synonyms - average.

Oregon's job growth in 2012 was not enough to fill in the deep hole dug by the recession, but growth was actually kind of average compared with the job growth seen each year since 2000. From November 2011 through November 2012, preliminary estimates from the Bureau of Labor Statistics show that Oregon added 20,000 jobs, a growth rate of 1.2 percent. That rate of growth was well above the average growth rate for all years since 2000, which is not impressive because that average was close to zero. Job growth in 2012 was well below the average when compared with only years of job growth, but still ranked in the middle of this pack of growth years. 

The official state economic forecast, produced by the Oregon Office of Economic Analysis, indicates that annual job gains in 2012 could be 21,500, an increase of 1.3 percent. Preliminary employment estimates indicate that employment is on track to meet that forecast. The forecast expects about the same pace of growth in 2013, followed by faster growth in later years. Employment is not expected to reach pre-recession levels until early 2015.

The employment figures used in this annual review are preliminary estimates from the U.S. Bureau of Labor Statistics. They will be revised as more complete information becomes available from employers, which could change the trends discussed here.

Read more in the full article, written by State Employment Economist Nick Beleiciks.

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