Oregon’s unemployment rate edged down to 6 percent in October, from 6.2 percent in September. In October 2014, Oregon’s unemployment rate was 6.8 percent, according to the latest report from the Oregon Employment Department.
Oregon Employment Department
There were 1,875,527 employed in Oregon in October and 106,111 unemployed.
In October, payroll employment rose by 2,100, with gains of 800 or more in four major industries partially offset by declines in two industries. Industries gaining the most jobs included professional and business services (+2,200 jobs), leisure and hospitality (+1,100), construction (+1,000), and manufacturing (+800). Those declining in October included private educational services (-1,400 jobs) and transportation, warehousing and utilities (-1,000).
The September payroll estimates were revised substantially and now show a drop of only 900 for the month, whereas the preliminary figures indicated a drop of 5,300 jobs. Each month the preliminary employment estimates are revised to incorporate additional later-reporting sample firms and thus draw from more complete survey counts. For the September revised estimates, these additional firms tended to be hiring at a faster rate than the firms that reported in time for the preliminary estimates. This resulted in upward revisions of at least 500 jobs for six of the 13 major industries.
Additional revisions to the job counts indicate Oregon’s economy was a little stronger this year than originally estimated. Payroll employment tallies were revised upward by 2,100 per month for June, July and August. Employment benchmarks occur every three months and incorporate updated data from employers.
Over the past 12 months, Oregon’s expansion was strong and diverse. Since October 2014, payrolls grew by 54,800 jobs, or 3.2 percent–faster than the U.S. growth of 2.0 percent. Gains in Oregon were consistent across many industries, with seven of the 13 major industries expanding by between 3.2 percent and 4.4 percent. The two industries expanding the fastest were health care and social assistance (+4.4 percent) and construction (+3.8 percent). Meanwhile, nearly every other industry grew by about 2 percent.