May 24 2019
Oregon employers added 4,600 jobs in October.
New data from the State of Oregon Employment Department said the seasonally adjusted nonfarm payroll numbers follow a revised gain of 4,700 jobs in September. Economist David Cooke said monthly gains were widespread with nine of the top thirteen industries adding jobs. That was led by the professional and business services category where 1,500 jobs were gained. Wholesale trade and government each added 1,000 jobs. Cooke said only two major industries cut jobs substantially in October. Financial activities lost 900 jobs while private educational services lost 800 jobs.
Oregon's unemployment rate was 3.8 percent in October, the same as in August and September. These were Oregon's lowest unemployment rates since comparable records began in 1976.
Oregon's nonfarm payroll employment has increased by 38,100 jobs, or 2.0 percent since October of 2017. In that time, construction remained the fastest growing industry with a gain of 8,200 jobs or 8.2 percent.
Cooke said over the past two years, retail trade has seen multiple store closures and the bankruptcies of several major national retailers. Those closures and other factors have contributed to a moderation in overall retail employment growth. Since October of 2016, Oregon's retail employment grew at an annual rate of only 1.0%. That was about half the growth rate of Oregon's total nonfarm payroll employment.
The U.S. unemployment rate held steady at 3.7 percent for both September and October.