Photo: Ford, Brad
Oregon’s unemployment rate was 4.5% in February and 4.4% in January, after rising gradually over the past year from 4.1% in February 2024. Oregon’s 4.5% unemployment rate was the highest since August 2021, when the rate was 4.7%, and slightly higher than during the three years prior to the COVID recession that started in 2020. The U.S. unemployment rate was 4.1% in February and 4.0% in January.
In February, Oregon’s seasonally adjusted nonfarm payroll employment declined by 100 jobs, following a revised gain of 3,500 jobs in January. February’s gains were largest in professional and business services (+1,700 jobs); information (+700); manufacturing (+600); and government (+500). Declines were largest in construction (-2,200 jobs); private educational services (-900); and financial activities (-700).
Two industries within professional and business services bumped up hiring in February. Professional and technical services added 1,300 jobs on top of adding 1,100 in January. This followed a gradual downtrend of 1,500 jobs during the prior 22 months. Meanwhile, administrative and waste services added 400 jobs in February; however, despite the one-month gain, this industry was on a choppy downward trajectory during much of the past two years, having cut 5,600 jobs since its all-time high of 106,600 in March 2022.
Payroll employment grew slowly over the past 12 months, adding 18,500 jobs, or 0.9%, in that time. Job gains were strongest in health care and social assistance (+14,000 jobs, or 4.8%) and government (+8,700 jobs, or 2.8%). Meanwhile, manufacturing shed the most jobs of the major industries (-6,000 jobs, or -3.2%). Construction (-1,800 jobs, or -1.5%) and retail trade (-1,800 jobs, or -0.9%) each declined substantially since February 2024.
Source: Oregon Employment Department