Oregon reports strong job gains in October

PORTLAND, Ore. (AP) – Oregon employment rebounded from a sluggish late summer by adding 11,600 jobs last month.
 
The state Employment Department said Tuesday that October’s gain was the largest monthly increase since February.
 
Two industries – leisure and hospitality, and professional and business services – fared exceptionally well after enduring job losses in August and September. Manufacturing was another bright spot in October.
 
Retail was the laggard, trimming 900 jobs.
 
Oregon’s unemployment rate remained essentially unchanged at 4.3 percent – down from 4.7 percent at this time last year.
 
Another unemployment measure, known as U-6, was at 8.5 percent in October, well below the 10 percent recorded in October 2016. The figure includes discouraged workers who stopped looking and part-time workers who want but can’t get full-time jobs.
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Oregon Employment Dept. news release:

In October, Oregon’s nonfarm payroll employment rose by 11,600 jobs, following a revised loss of 1,100 jobs in September. The gain in October was the largest monthly increase since 14,100 jobs were added in February 2017.

Monthly gains were concentrated in professional and business services, which added 5,300 jobs, and in leisure and hospitality, which added 3,800. Both of these industries rebounded from job losses within the prior two months. Three other industries each added at least 1,000 jobs in October: other services (+1,400 jobs); manufacturing (+1,000); and transportation, warehousing, and utilities (+1,000). Retail trade cut 900 jobs, posting the biggest monthly job decline.

The big job gain in October, coupled with the upward revision to September, considerably boosted Oregon’s over-the-year growth rate. Since October 2016, Oregon has added 45,000 nonfarm payroll jobs, which equals an annual growth rate of 2.4 percent. Construction continues to lead the way with 9,400 jobs added, equaling 10.3 percent growth. The second fastest growing industry was transportation, warehousing and utilities (+3,400 jobs, or 5.6%). Over the past 12 months, five service-providing industries each expanded faster than the overall economy: information (+1,000 jobs, or 3.0%), professional and business services (+6,800 jobs, or 2.8%), health care and social assistance (+6,200 jobs, or 2.7%), financial activities (+2,500 jobs, or 2.6%), and leisure and hospitality (+5,000 jobs, or 2.5%). Meanwhile, only two industries posted declines during that time: other services ( 900 jobs, or -1.4%) and mining and logging (-200 jobs, or -2.7%).

Oregon’s unemployment rate was essentially unchanged at 4.3 percent in October from 4.2 percent in September, remaining near the U.S. unemployment rate of 4.1 percent in October.

Next Press Releases
The Oregon Employment Department plans to release the October county and metropolitan area unemployment rates on Tuesday, November 21st, and the next statewide unemployment rate and employment survey data for November on Tuesday, December 19th.??NLG

Notes:
All numbers in the above narrative are seasonally adjusted.

The Oregon Employment Department and the U.S. Bureau of Labor Statistics (BLS) work cooperatively to develop and publish monthly Oregon payroll employment and labor force data. The estimates of monthly job gains and losses are based on a survey of businesses. The estimates of unemployment are based on a survey of households and other sources.

The Oregon Employment Department publishes payroll employment estimates that are revised quarterly by using employment counts from employer unemployment insurance tax records. All department publications use this Official Oregon Series data unless noted otherwise. This month’s release incorporates the April, May and June 2017 tax records data. The department continues to make the original nonfarm payroll employment series available; these data are produced by the BLS.