Portland, Ore. – Oregon’s unemployment rate dropped to 4.0 percent in February, from 4.3 percent in January. This was the lowest unemployment rate since comparable records began in 1976. Oregon’s 4.0 percent unemployment rate was significantly lower than the U.S. unemployment rate of 4.7 percent in February.
In February, the number of unemployed Oregonians dropped to about 82,000, which was the lowest number since August 1995 when about 82,000 were unemployed. By contrast, the labor force has grown from just under 1.7 million in 1995 to over 2.0 million today.
Over the past 12 months, payroll employment added 39,900 jobs, or 2.2 percent, which was a slight deceleration from the growth rate near or above 3 percent throughout much of the past four years. Oregon is still growing faster than the U.S. growth rate of 1.6 percent.
Since February 2016, Oregon’s growth was very fast in construction, which added 8,900 jobs, or 10.0 percent.
Other industries that grew rapidly were health care and social assistance (+8,700 jobs, or 3.8%); financial activities (+3,600 jobs, or 3.8%); and information (+1,100 jobs, or 3.3%). Meanwhile only three industries cut jobs over the year: manufacturing (-400 jobs, or -0.2%); mining and logging (-200 jobs, or -2.6%); and wholesale trade (-200 jobs, or -0.3%).
