The Oregon Employment Department reports that 11,600 jobs were added to the state’s nonfarm payroll employment in October, following a revised loss of 1,100 jobs in September. This increase month-over-month was the largest since February 2017, when 14,100 jobs were added.
The professional and business services industry and the leisure and hospitality industry rebounded from job losses during the prior two months, leading the way with the additions of 5,300 jobs and 3,800 jobs, respectively. Three other industries contributed at least 1,000 jobs each in October: other services (+1,400 jobs); manufacturing (+1,000 jobs); and transportation, warehousing and utilities (+1,000 jobs). The largest monthly job decline was in retail trade, which cut 900 jobs.
October’s job gains, combined with the upward revision to September’s report, boosted Oregon’s over-the-year growth rate substantially. Since October 2016, 45,000 nonfarm payroll jobs have been added, equaling an annual growth rate of 2.4 percent. Construction is still in the lead with 9,400 jobs added, representing 10.3 percent growth. The transportation, warehousing and utilities industry was second in fastest growth, adding 3,400 jobs and equaling a 5.6 percent increase. Over the past year, five service-providing industries grew more quickly than the overall economy: information (+1,000 jobs, or 3.0 percent); professional and business services (+6,800 jobs, or 2.8 percent); health care and social assistance (+6,200 jobs, or 2.7 percent); financial activities (+2,500 jobs, or 2.6 percent); and leisure and hospitality (+5,000 jobs, or 2.5 percent). Meanwhile, just two industries reported declines: other services (-900 jobs, or -1.4 percent) and mining and logging (-200 jobs, or -2.7 percent).
Oregon’s seasonally adjusted unemployment rate of 4.3 percent in October was virtually unchanged from September’s 4.2 percent, remaining near the U.S. unemployment rate of 4.1 percent in October.