FOR IMMEDIATE RELEASE:
July 17, 2024
CONTACT INFORMATION:
Gail Krumenauer, State Employment Economist
(971) 301-3771
Video and Audio available at 10 a.m.
David Cooke, Economist (971) 375-5288
Oregon’s unemployment rate was 4.1% in June and 4.2% in May and has been in a tight range between 4.0% and 4.2% since October 2023. The U.S. unemployment rate, at 4.1%, changed little in June.
In June, Oregon’s seasonally adjusted nonfarm payroll employment rose by 600 jobs, following a gain of 4,000 jobs in May. June’s gains were largest in health care and social assistance (+1,200 jobs); financial activities (+800); leisure and hospitality (+700); and other services (+700). Declines in June were largest in professional and business services (-1,800 jobs) and manufacturing (-600).
Health care and social assistance continued its rapid expansion. During the two-and-a-half-year period January 2022 through June 2024, it added 34,000 jobs, or 12.8%. Employment gains in social assistance have accelerated in recent months and the industry added 8,800 jobs, or 12.2%, during the past 12 months. Meanwhile, the three health care component industries each added more than 2,000 jobs since June 2023: nursing and residential care facilities (+2,700 jobs, or 5.1%); ambulatory health care services (+2,700 jobs, or 2.7%); and hospitals (+2,200 jobs, or 3.7%).
Despite large gains in health care and a few other industries recently, the list of declining industries is growing. Six major industries cut a substantial number of jobs in the past 12 months. Three of these major industries each declined by about 3,600 jobs since June 2023: retail trade (-3,600 jobs, or -1.7%); professional and business services (-3,600 jobs, or -1.3%); and manufacturing (-3,500 jobs, or -1.8%). The other major industries cutting at least 700 jobs in that time were construction (-2,700 jobs, or -2.3%); transportation, warehousing, and utilities (-1,100 jobs, or -1.4%); and information (-700 jobs, or -1.9%).
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FOR IMMEDIATE RELEASE:
July 11, 2024
CONTACT INFORMATION:
Gail Krumenauer, State Employment Economist
(971) 301-3771
Podcast available at 10:00 a.m.
The youngest members of the large Baby Boom Generation, born between 1946 and 1964, turn 60 years old in 2024. Workers in this age group have been, and are expected to continue, shifting into retirement and taking their skills and experience with them.
The workforce is aging nationally as well, but Oregon has been at a workforce advantage in boosting its labor force. Decades of population growth – driven primarily by net in-migration – has helped fuel labor force growth, even as the workforce has aged and overall labor force participation rates have generally declined.
The declines in natural increase, net migration, and population have contributed to slower labor force growth. Slower gains may be somewhat offset by greater labor force participation among the existing population.
During periods like the past couple of years, where low unemployment and relatively large numbers of job openings are paired with slow labor force growth, that creates a tighter labor market for Oregon employers. That makes it harder for employers to find enough workers to fill all their job openings.
These dynamics may have also contributed to Oregon’s slower job growth in recent years compared to the U.S. Nationally, total nonfarm payroll employment expanded by 3.4% between 2019 and 2023, while Oregon's expanded jobs by 1.2%. This is a change; typically Oregon’s job (and labor force) growth exceeds the nation’s over business cycles. If recent labor force and unemployment trends continue, they might further limit Oregon’s growth potential relative to historic norms and the nation. More details are available in the full report at QualityInfo.org.
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