Oregon’s Unemployment Rate Falls to 5.8 Percent in February

Oregon’s unemployment rate fell to 5.8 percent in February, down from the 6.3 percent January rate. This was the second consecutive large drop in the unemployment rate (the rate was 6.7% in December), which now sits at its lowest since May 2008.

Oregon’s unemployment rate is now within three tenths of the U.S. rate, the smallest gap since October 2013. Notice below that the gap between the United States and Oregon rates had been increasing in the second half of 2014, but has declined sharply these last two months.

State Employment Economist Nick Beleiciks shared his take on this month’s figures. “It’s unusual to see the unemployment rate fall so fast, but not surprising because there has been so much job growth in recent months,” said Beleiciks.

Oregon added 2,400 nonfarm jobs in February, and between November and January added almost 20,000 jobs. February’s leading industries were leisure and hospitality (+2,100 jobs), along with health care and social assistance (+1,100 jobs).

For more on Oregon’s Employment Situation, read and watch today’s press release.