Oregon Faces Highest Unemployment Spike Since 2021 With 96,207 People Jobless
The unemployment rate in Oregon is steadily climbing, and the February tally stood at 96,207.
Unemployment tallied 4.1% in February 2024, rising to 4.4% this January before reaching 4.5% last month in February, according to a news release from the Oregon Employment Department.
Unemployment at its Highest in Oregon Since August 2021
The annual unemployment increase of 0.4% is the highest recorded in Oregon since August 2021, when the rate was 4.7%, following the COVID recession that began in 2020.
Compared to Oregon, the U.S. unemployment rate was 4% in January and 4.1% in February when adjusted nonfarm payroll employment declined by 100 jobs after a revised gain of 3,500 jobs in January.
The biggest gains in February were in professional and business services (+1,700 jobs), information (+700), manufacturing (+600), and government (+500).
Construction, Education, and Financial Services Were the Biggest Losers
Declines were largest in construction (-2,200 jobs), private educational services (-900), and financial activities (-700).
Despite professional and technical services adding jobs in January and February (1,100 and 1,300), it was a slight downturn of 1,500 jobs during the previous 22 months.
Upward trends were also recorded by administrative and waste services, adding 400 jobs in February. However, the one-month gain has not stopped a choppy downward trend during most of the last 24 months, with 5,600 job cuts since its all-time high of 106,600 in March 2022.
Payroll employment grew slowly but steadily over the past year, adding 18,500 jobs.
Health Care and Social Assistance Had the Strongest Job Gains
The strongest job gains were by health care and social assistance (+14,000 jobs, or 4.8%) and government (+8,700 jobs, or 2.8%).
Meanwhile, manufacturing was the heaviest loser of major industries (-6,000 jobs, or -3.2%).
Construction (-1,800 jobs, or -1.5%) and retail trade (-1,800 jobs, or -0.9%) have declined substantially since February 2024.
Oregon Employment Department will release the February County and metropolitan area unemployment rates on 1 April and the next statewide unemployment rate and employment survey data for March on Wednesday, 16 April.