Oregon’s unemployment rate was 4.5% in February and 4.4% in January, after rising gradually over the past year from 4.1% in February 2024. Oregon’s 4.5% unemployment rate was the highest since August 2021, when the rate was 4.7%, and slightly higher than during the three years prior to the COVID recession that started in 2020. The U.S. unemployment rate was 4.1% in February and 4.0% in January.
In February, Oregon’s seasonally adjusted nonfarm payroll employment declined by 100 jobs, following a revised gain of 3,500 jobs in January. February’s gains were largest in professional and business services (+1,700 jobs); information (+700); manufacturing (+600); and government (+500). Declines were largest in construction (-2,200 jobs); private educational services (-900); and financial activities (-700).
Two industries within professional and business services bumped up hiring in February. Professional and technical services added 1,300 jobs on top of adding 1,100 in January. This followed a gradual downtrend of 1,500 jobs during the prior 22 months. Meanwhile, administrative and waste services added 400 jobs in February; however, despite the one-month gain, this industry was on a choppy downward trajectory during much of the past two years, having cut 5,600 jobs since its all-time high of 106,600 in March 2022.
Payroll employment grew slowly over the past 12 months, adding 18,500 jobs, or 0.9%, in that time. Job gains were strongest in health care and social assistance (+14,000 jobs, or 4.8%) and government (+8,700 jobs, or 2.8%). Meanwhile, manufacturing shed the most jobs of the major industries (-6,000 jobs, or -3.2%). Construction (-1,800 jobs, or -1.5%) and retail trade (-1,800 jobs, or -0.9%) each declined substantially since February 2024.
Next Press Releases
The Oregon Employment Department plans to release the February county and metropolitan area unemployment rates on Tuesday, April 1, and the next statewide unemployment rate and employment survey data for March on Wednesday, April 16.
