Tuesday, March 16, 2021

Oregon Adds 13,900 Jobs in February

Oregon’s unemployment rate edged down to 6.1% in February, from 6.2% in January. After dropping rapidly during May through November of last year, Oregon’s unemployment rate declined at a slower pace in recent months. During the past 10 months the pace of recovery in the national unemployment rate has mirrored Oregon’s experience. The U.S. unemployment rate also declined by a tenth of a percentage point last month, to 6.2% in February, from 6.3% in January. 

Nonfarm payroll employment rose 13,900 jobs in February, following a gain of 7,000, as revised, in January. Nearly all of the jobs gained in February were in leisure and hospitality (+11,100 jobs), where some fitness centers and restaurants hired back workers following closures or curtailments due to COVID-19 restrictions or cautions. Only two other major industries added a substantial number of jobs in February: transportation, warehousing, and utilities (+1,200 jobs) and wholesale trade (+800). Only one major industry —  professional and business services, which cut 900 jobs in February —  performed substantially below its normal seasonal trend.

In February, Oregon’s nonfarm payroll employment totaled 1,819,100, a drop of 153,900 jobs, or 7.8% from the pre-recession peak one year ago in February 2020. Oregon’s employment dropped to a low of 1,687,500 by April. Since then, Oregon has recovered 131,600 jobs, or 46% of the jobs lost between February and April 2020.

More details about Oregon's February employment situation can be found in the full news release and video summary.

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