Oregon’s seasonally adjusted nonfarm payroll employment dropped by 2,700 jobs in July, following a revised loss of 8,600 jobs in June. Financial activities (-2,700 jobs), professional and business services (-1,400), and health care and social assistance (-1,100) saw July’s largest losses. Gains were largest in construction (+2,900 jobs) and transportation, warehousing, and utilities (+800).
Construction employed 112,700 in July, rebounding from its relatively weak prior two months, but landing well below its average level of 117,500 jobs during the prior two years.
Professional and business services has been on a declining trajectory since early 2023. Accounting for 254,100 jobs in July, it’s down 14,800 jobs or 5.5% since its peak employment in March 2023. During that period, all three of its component industries dropped by a similar percentage.
Newly revised numbers for this year show lower employment levels than previously estimated for most industries. Since July 2024, Oregon’s total nonfarm payroll employment dropped 24,600 jobs or -1.2%. Manufacturing lost 9,400 jobs or 5.0%. These industries cut between 3% and 4%: information, private education, wholesale trade, financial activities, and construction. In that time, only two major industries expanded – health care and social assistance (+9,800 jobs or 3.2%) and leisure and hospitality (+2,000 jobs or 1.0%).
Oregon’s unemployment rate was 5.0% in July and 4.9% in June, after rising gradually over the past year from 4.2% in July 2024. Oregon’s 5.0% unemployment rate was 1.4 percentage points higher than the recent low of 3.6% during spring 2023. The U.S. unemployment rate was 4.1% in June and 4.2% in July.
Information from the State of Oregon Employment Department.
