Oregon’s unemployment rate was 4.1% in June and 4.2% in May and has been in a tight range between 4.0% and 4.2% since October 2023. The U.S. unemployment rate, at 4.1%, changed little in June.
In June, Oregon’s seasonally adjusted nonfarm payroll employment rose by 600 jobs, following a gain of 4,000 jobs in May. June’s gains were largest in health care and social assistance (+1,200 jobs); financial activities (+800); leisure and hospitality (+700); and other services (+700). Declines in June were largest in professional and business services (-1,800 jobs) and manufacturing (-600).
Health care and social assistance continued its rapid expansion. During the two-and-a-half-year period January 2022 through June 2024, it added 34,000 jobs, or 12.8%. Employment gains in social assistance have accelerated in recent months and the industry added 8,800 jobs, or 12.2%, during the past 12 months. Meanwhile, the three health care component industries each added more than 2,000 jobs since June 2023: nursing and residential care facilities (+2,700 jobs, or 5.1%); ambulatory health care services (+2,700 jobs, or 2.7%); and hospitals (+2,200 jobs, or 3.7%).
Despite large gains in health care and a few other industries recently, the list of declining industries is growing. Six major industries cut a substantial number of jobs in the past 12 months. Three of these major industries each declined by about 3,600 jobs since June 2023: retail trade (-3,600 jobs, or -1.7%); professional and business services (-3,600 jobs, or -1.3%); and manufacturing (-3,500 jobs, or -1.8%). The other major industries cutting at least 700 jobs in that time were construction (-2,700 jobs, or -2.3%); transportation, warehousing, and utilities (-1,100 jobs, or -1.4%); and information (-700 jobs, or -1.9%).
