In July, Oregon’s seasonally adjusted nonfarm payroll employment declined by 2,700 jobs, following a revised loss of 8,600 jobs in June. July’s losses were largest in financial activities (-2,700 jobs); professional and business services (-1,400); and health care and social assistance (-1,100). Gains were largest in construction (+2,900 jobs) and transportation, warehousing, and utilities (+800).
Construction employed 112,700 in July, rebounding from its relatively weak prior two months, but landing well below its average level of 117,500 jobs during the prior two years.
Professional and business services has been on a declining trend since early 2023. Accounting for 254,100 jobs in July, it is down 14,800 jobs, or 5.5%, since its peak employment in March 2023. Each of its three component industries dropped by a similar percentage during that period.
Newly revised numbers for this year show lower employment levels than previously estimated for most industries. Since July 2024, Oregon’s total nonfarm payroll employment dropped 24,600 jobs, or -1.2%. Manufacturing lost 9,400 jobs, or 5.0%. Each of these industries cut between 3% and 4%: information, private education, wholesale trade, financial activities, and construction. In that time, only two major industries expanded: health care and social assistance (+9,800 jobs, or 3.2%) and leisure and hospitality (+2,000 jobs, or 1.0%).
Oregon’s unemployment rate was 5.0% in July and 4.9% in June, after rising gradually over the past year from 4.2% in July 2024. Oregon’s 5.0% unemployment rate was 1.4 percentage points higher than the recent low of 3.6% during spring 2023. The U.S. unemployment rate was 4.1% in June and 4.2% in July.
- The Oregon Employment Department plans to release the July county and metropolitan area unemployment rates on Tuesday, Aug. 19, and the next statewide unemployment rate and employment survey data for August on Wednesday, Sept. 17.
