Tuesday, March 6, 2018

Oregon Adds 5,000 Jobs in January

In January, Oregon’s nonfarm payroll employment grew by 5,000 jobs, following a revised gain of 9,800 jobs in December. Three major industries each added close to 1,000 jobs: private educational services (+1,100 jobs), construction (+1,000), and manufacturing (+800). These gains were partially offset by a loss of 700 jobs in leisure and hospitality. Health care and social assistance added 2,300 jobs above the gain due to a reclassification of home care workers. 

Payroll employment grew by 2.7 percent in the most recent 12 months. Between January 2017 and January 2018 Oregon added 50,600 jobs. Recent estimates of payroll employment indicate an acceleration in job growth, led by construction which added 7,500 jobs in that time. Three other industries posted rapid growth faster than 4 percent: private educational services (+2,800 jobs, or 7.9%), other services (+3,100 jobs, or 5.0%), and leisure and hospitality (+9,700 jobs, or 4.8%). Meanwhile two industries cut jobs: information (-100 jobs, or -0.3%) and wholesale trade (-600 jobs, or -0.8%).

Oregon’s unemployment rate has been at an historical low and stable for more than a year, remaining at 4.1 percent in January and December. Annual revisions to labor force data show Oregon’s unemployment rate between 4.1 percent and 4.2 percent for all 13 months between January 2017 and January 2018. Oregon’s unemployment rate of 4.1 percent is the lowest unemployment rate in the comparable historical series which dates back to 1976.

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