by Nick Beleiciks, State Employment Economist
The seven-year jobs ditch that Oregon’s economy endured since December 2007 came to an end when payroll jobs finally surpassed their pre-recession peak level in November 2014 (Graph 1). The state’s economy added 50,300 jobs over the year, the largest November to November jobs gain since 1996. Oregon’s over-the-year growth rate of 3.0 percent was well above the historical average and the fastest job growth since 2004 when the growth rate was also 3.0 percent.
The seven-year jobs ditch that Oregon’s economy endured since December 2007 came to an end when payroll jobs finally surpassed their pre-recession peak level in November 2014 (Graph 1). The state’s economy added 50,300 jobs over the year, the largest November to November jobs gain since 1996. Oregon’s over-the-year growth rate of 3.0 percent was well above the historical average and the fastest job growth since 2004 when the growth rate was also 3.0 percent.
Despite the job growth, a high number of unemployed
Oregonians and an inflow of new workers kept downward pressure on worker
earnings. The average hourly wage in 2014 was about $23.00 per hour. After
adjusting for inflation, the average worker in Oregon is earning less than they
were during the recession.
Oregon’s unemployment rate barely fell over the year, moving
from 7.3 percent in November 2013 to 7.0 percent in November 2014. The strong
job growth during the year was matched by a large increase in Oregon’s labor
force. The labor force growth mostly consisted of people who found employment,
but enough unemployed labor force entrants kept the number of unemployed and
the unemployment rate elevated. The unemployment rate in 2014 was just below
Oregon’s long-term (back to 1976) historical average of 7.3 percent.
Other highlights from the report:
- The private sector drove job growth in 2014. Four out of five jobs added were in the private sector.
- Central Oregon was the fastest growing area in the state.
- Labor force participation started to increase.
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