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According to the Oregon Employment Division, Oregon’s unemployment rate dropped to 4.0 percent in February, from 4.3 percent in January. This was the lowest unemployment rate since comparable records began in 1976. Oregon’s 4.0 percent unemployment rate was significantly lower than the U.S. unemployment rate of 4.7 percent in February.
In February, the number of unemployed Oregonians dropped to about 82,000, which was the lowest number since August, 1995, when about 82,000 were unemployed. By contrast, the labor force has grown from just under 1.7 million in 1995 to over 2.0 million today.
In February, nonfarm payroll employment surged ahead by 8,200, following a revised gain of 700 in January. Government grew the most of the major sectors, as it added 4,400 jobs, rebounding from a loss of 3,400 jobs in January. Similarly, health care and social assistance shot up by 2,400 jobs in February, following a loss of 1,700 the prior month. Manufacturing added 1,300 jobs after a loss of 200 in January. Construction continued to grow rapidly by adding 900 jobs in February, following a strong gain of 2,500 in January. Only one major industry cut more than 600 jobs in February, as transportation, warehousing and utilities shed 1,400.
Over the past 12 months, payroll employment added 39,900 jobs, or 2.2 percent, which was a slight deceleration from the growth rate near or above three percent throughout much of the past four years. Oregon is still growing faster than the U.S. growth rate of 1.6 percent.
Since February, 2016, Oregon’s growth was very fast in construction, which added 8,900 jobs, or 10 percent. Other industries that grew rapidly were health care and social assistance (+8,700 jobs, or 3.8 percent); financial activities (+3,600 jobs, or 3.8 percent); and information (+1,100 jobs, or 3.3 percent). Meanwhile, only three industries cut jobs over the year: manufacturing (-400 jobs, or -0.2 percent); mining and logging (-200 jobs, or -2.6 percent); and wholesale trade (-200 jobs, or -0.3 percent).
County employment numbers will be released on March 28.
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