There are 16 Thousand More Unemployed in Oregon Than Last Year
The jobless rate in Oregon has increased by 0.7% in the last year, translating to 16,000 more unemployed in the state compared to 2023.
But 8,500 New Jobs Became Available in July
However, compared to historical standards, the unemployment rate in Oregon is low, with 8,500 new jobs added in July 2024.
Economists Paint a Bleak Employment Landscape
But economists remain downbeat about the employment landscape. In their quarterly economic forecast, they describe the labor market in the state as ‘softer’, referring to the federal government’s national jobs report, which shows a continuing downward trend in job growth.
Referring to the post-pandemic recession years, economists point out that Oregon had more job vacancies than unemployed people. Now, although no large layoffs have taken place in Oregon since the pandemic, economists say that employers are leaving posts unfilled when workers retire or quit.
The current trend also sees fewer workers quitting their jobs because better employment opportunities are scarce.
The economic forecast is support by statistics from the Oregon Employment Department that confirms a 17% drop in job openings in the past 12 months. In 2023 there were 58,000 job openings compared to 107,000 in 2021.
Of further concern, is the rate of unemployment by Oregonians who have not found work after their 26-week unemployment benefits expire has climbed above 30%, a new post-pandemic record. Economists say this is indicative that people laid off are struggling to find a job in the workplace.
The softer labor market is illustrated by a slowing growth in wages in aggregate salaries and wages, according to Oregon economists who are forecasting an increase this year of 3.3% compared to 5.7% in 2023.
Adding to the gloomy prediction are looming job cuts in the state this year.
- Thousands of job cuts are expected at Intel sites in Washington County, with 15,000 jobs across the company to be axed.
- Nike is expected to lay off 740 workers.
- Timber mill closures around the state will add to the growing unemployment rate in this sector, with 500 workers already laid off this year.