Photo: Ford, Brad
In October, Oregon’s seasonally adjusted nonfarm payroll employment gained 1,700 jobs, following a revised increase of 900 jobs in September. October’s gains were largest in health care and social assistance (+2,400 jobs); government (+1,700); and financial activities (+1,200). Declines were largest in professional and business services (-2,400 jobs); manufacturing (-1,200); and transportation, warehousing, and utilities (-1,000).
In the past 12 months, health care and social assistance (+16,900 jobs, or 5.8%) grew rapidly, while government (+7,000 jobs, or 2.3%) added the second most jobs. In that time, only three major industries declined by 1,000 jobs or more: retail trade (-3,700 jobs, or -1.8%); construction (-2,000 jobs, or -1.7%); and manufacturing (-1,000 jobs, or -0.5%).
Quarterly revisions indicate stronger job growth during the first half of 2024 than previously estimated. This put nonfarm payroll employment levels nearly 10,000 above previous estimates for June and subsequent months. Upward revisions during these months were largest in professional and business services (revised upward by 6,400 jobs); retail trade (+2,000 jobs); and private educational services (+1,600). The largest downward revision was in real estate and rental and leasing, which came in 800 jobs lower than previously estimated during June through August.
Oregon’s unemployment rate was 4.0% in both September and October and has consistently remained between 4.0% and 4.2% since October 2023. The U.S. unemployment rate was 4.1% in both September and October.
Source: Oregon Employment Department