Tuesday, March 3, 2020

Record Low Unemployment Continues in Oregon

Oregon’s unemployment rate declined to 3.3 percent in January, the lowest on comparable records dating back to 1976. The December unemployment rate was revised downward to 3.4 percent. The U.S. unemployment rate was 3.6 percent in January.

Annual revisions to the labor force data show that Oregon’s unemployment rate steadily declined throughout last year, from 4.2 percent in January and February 2019 to the low point for the year of 3.4 percent during each of the last three months of 2019. The revisions indicate an even tighter labor market than originally estimated, with Oregon’s unemployment rate solidly in the three-percent range for the first time since comparable records began in 1976. 

Total nonfarm payroll employment declined by 1,800 jobs in January, following a gain of 800 jobs in December. Two major industries added more than 1,000 jobs in January: health care and social assistance (+1,600 jobs) and government (+1,200). Conversely, three industries cut jobs substantially: professional and business services (-2,900 jobs), construction (-1,400), and manufacturing (-1,200).

Read the full press release here

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