Oregon unemployment rate hits record low of 3.4% in August despite 1,200 job losses

SALEM, Ore. (KTVZ) – Oregon’s unemployment rate remained steady at 3.4% in August, the same as July, the Oregon Department of Employment reported Wednesday. The rate tied Oregon’s record low of 3.4%, which was also set in November and December 2019.

Oregon’s unemployment rate has been below 4% since May. The unemployment rate in the US rose from 3.5% in July to 3.8% in August.

Oregon employment fell by a seasonally adjusted 1,200 jobs in August after a revised gain of 3,400 jobs in July. Job losses in August were the largest in a month retail trade (-1,600 jobs); construction (-1000); and professional and business services (-800). Job growth was the largest in recreation and hospitality (+2100 jobs).

Employment rose by 1.3% over the past 12 months. Annual job growth has slowed to an average of 2% over the past five months, compared with a 12-month growth rate of more than 3% during the economic recovery that spanned most of the previous two years.

Several major industries have grown rapidly over the past 12 months. From August 2022. recreation and hospitality (+10,500 jobs, or 5.3%) continued to rapidly add jobs, but this is still 6,100 jobs below the previous peak reached in February 2020. Health care and social care (+14,000 jobs, or 5.2%) also quickly added jobs over the past 12 months, with social assistance 6,300 jobs were created during this time. During this time, about 2,500 jobs were created in each of the health care sectors. Govt (9,400 jobs, or 3.1%) also grew rapidly while local the government has recently risen above pre-pandemic levels.

Over the past 12 months, there have been cuts in several areas. Production (-4,100 jobs, or -2.1%) employs fewer workers than a year ago, as many of its production of durable goods During this time, the components industry cut up to 2% of jobs. Exactly the same retail trade (-3,700 jobs, or -1.8%) recently shed jobs, with most retail trades contracting slightly from August 2022. Meanwhile, after a boom from 2019 to 2021. transport, storage and utility services recovered some of those gains, shedding 3,200 jobs, or 4.0%, over the past 12 months.

The following press releases
On Tuesday, Sept. 19, the Oregon Department of Labor plans to release county and metropolitan unemployment data for August, followed by September statewide unemployment and employment survey data on Wednesday, Oct. 18.

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