Economist: C.O. economy entering ‘slow-growth phase’
Spring hiring patterns were largely consistent with seasonal expectations across Central Oregon, the state Employment Department reported Tuesday.
” With employment growth slowing and unemployment rates steady, it continues to look like the local economy is moving into a new slow-growth phase of the current expansion, ” Regional Economist Damon Runberg said in his monthly report, which continues below.
Crook County: The unemployment rate dropped to 5.8 percent in May compared with 6.1 percent in April. The rate was 5.7 percent this time last year. Despite downward pressure from an aging workforce the labor force continues to grow, up around 1 percent from last year.
Crook County added 120 jobs in May. Spring hiring was consistent with the typical seasonal pattern.
Total nonfarm employment is up 160 (+2.7%) from last May. Hiring over the past year was concentrated in information (+40 jobs), manufacturing (+30), and construction (+30). There were no significant private industry losses over the past year.
Deschutes County (Bend-Redmond MSA ): The unemployment rate was largely unchanged over the past year. The rate was 4.3 percent in May, 4.4 percent in April, and 4.2 percent last May.
Deschutes County added 1,000 jobs in May, stronger hiring than typically expected. However, spring hiring was largely consistent with seasonal hiring patterns, when you take into account the sluggish hiring in April.
The county added 2,140 jobs over the past year (+2.5%). The 2.5 percent growth over the past year ranks the Bend metro area near the middle of the pack among Oregon’s eight metro areas, with Salem now leading the way with 3.5 percent growth in total nonfarm employment over the past year.
Job gains are widespread, with strong growth in construction, health services, leisure and hospitality, retail, and manufacturing. The only notable job losses in the past year were in professional and business services (-320 jobs).
Jefferson County: The unemployment rate dropped in May to 5.6 percent from 5.8 percent in April. The rate was 5.1 percent this time last year.
Jefferson County added 130 jobs in May. Hiring has been notably slower this spring than typically expected.
Total nonfarm employment is up 110 jobs from this time last year (+1.6%). Manufacturing continues to account for the bulk of jobs added over the past year (+120). There were some small losses in professional and business services and wholesale trade, each dropping by around 20 jobs. The largest losses were posted in Indian tribal government with employment down 80 jobs from this time last year.
Next Press Releases
The Oregon Employment Department plans to release the June county and metropolitan area unemployment rates on Tuesday, July 23rd and the statewide unemployment rate and employment survey data for June on Tuesday, July 16th .
