November 15, 2023 10:40 am
In Oregon, seasonally adjusted nonfarm payrolls fell by 4,600 in October, after an adjusted gain of 5,500 jobs in September.
A release from the Oregon Department of Employment showed that October’s losses were greatest in professional and business services, where 1,600 people died, and the recreation and hospitality industry, where 1,500 jobs were lost. Three industries each laid off 900 workers: manufacturing, retail, and health care and social assistance. The only industry that recorded significant growth in October was construction, which created 1,500 jobs.
State employment economist Gail Krumenauer said professional and business services grew slightly slower than total employment over the past 12 months, adding 4,400 jobs, or 1.7%. This compared to an increase of 44,300 jobs, or 2.3 percent of total nonfarm employment. Krmenauer said that while most of the industry was growing rapidly during this period, employment services were on a downward trend, shedding 4,100 jobs, or 9.0%, from October 2022.
The OED says that while the leisure and hospitality sector added 8,700 jobs, or 4.3%, over the past 12 months, the industry has shown weakness recently, with 300 jobs cut in September and 1,500 in October. While accommodation and food services shed 2,500 jobs over the past two months, job growth in the arts, entertainment and recreation sector increased by 700 in total in both months.
The statement stated that production continued to decline, with 900 workers laid off in October. It has shrunk by 4,400 jobs, or 2.3 percent, over the past 12 months. Most of the cuts concerned the production of durable goods, where 4,900 jobs have been cut since October 2022. In turn, 500 jobs were created during the year in the production of non-durable goods.
Krmenauer said construction employment rose to another record in October, creating 1,500 jobs. Construction employed 123,000 jobs in October, an increase of 6,000 jobs, or 5.1%, from October 2022.
The OED said health care and social assistance grew the fastest of the major industries over the past 12 months, creating 16,300 jobs, or 6.0 percent. The highest increases since October 2022 were recorded in social assistance and care and care facilities, which increased by nearly 8% each.
Oregon’s unemployment rate was 3.6 percent in October and 3.5 percent in September. October was the sixth consecutive month in which Oregon’s unemployment rate ranged from 3.4 to 3.7 percent. The unemployment rate in the US was 3.8% in September and 3.9% in October.
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