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| Oregon statewide unemployment rate for February 2008 | ||
| 03/17/2008 | ||
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CONTACT: Chris Greaves Research Analyst (503) 947-1271 Oregon’s Employment Situation: February 2008 Oregon’s seasonally adjusted unemployment rate was unchanged from January to February, at 5.5 percent. The U.S. rate was 4.8 percent in February, almost identical to January’s 4.9 percent. In February, Oregon’s seasonally adjusted nonfarm payroll employment declined by 1,400 jobs, after a 400-job increase in January. Since February 2007, gains have averaged 1,000 jobs each month, while gains averaged 3,300 each month the prior year. Slower job growth is consistent with the Office of Economic Analysis projection for 2008. Industry Payroll Employment (Establishment Survey Data) In February, seasonally adjusted employment contracted, dropping 1,400 jobs. Since February 2007, Oregon employment has expanded 0.7 percent, compared to 0.6 percent growth nationally. Six of eleven broad sectors dropped jobs in February, in seasonally adjusted terms. Educational and health services (-2,400) had the largest monthly decline, but that sector is still up 6,600 jobs over the year – a strong growth rate of 3.1 percent. Several sectors declined from year-ago totals, with the greatest percentage losses in sectors tied to the national housing downturn. Construction is down 5,500 jobs (-5.3%), financial activities has lost 2,800 jobs (-2.6%), and natural resources and mining (much of which is logging activity) is now 700 jobs below its year-ago level (-7.4%). Manufacturing is down 5,100 jobs (-2.5%) since February 2007, with losses in wood products (tied to housing), transportation equipment, and computer and electronic products. Construction typically adds 500 jobs in February, and this year it did almost exactly that with a gain of 600 jobs. Over the past 12 months, construction has declined substantially. Residential building construction has taken a tumble with the national housing market, falling 5.2 percent over the year – but specialty trade contractors have fallen further, losing 3,500 jobs, or 5.6 percent. Nonresidential building construction (+400) and other specialty trade contractors (+100) were the only detailed industries to gain jobs over the year. Manufacturing dropped 500 jobs in February, at a time of year when a gain of 800 is the typical seasonal pattern. However, the sector has not seen an abnormally large drop since last summer. Since its summer peak in August 2007 – at 207,800 – manufacturing has lost 9,100 jobs. In the same period the prior year, the sector dropped 9,600 jobs, after a higher summer peak of 213,000 in August 2006. Trends over the past 12 months for detailed manufacturing industries were mixed. Wood product manufacturing (-2,100) now stands at 28,400 jobs, a new low as that industry continues its long-term slide. Computer and electronic products (-1,700) and transportation equipment (-1,600) are also down over the year. Metals and machinery manufacturing, as well as nondurable goods, continue to see small employment gains over the year. Educational and health services gained fewer jobs than normal for February, adding only 3,400 jobs instead of the 5,800-job gain that would fit its seasonal pattern. February’s smaller-than-typical gain smoothes out the industry’s longer-term employment trend after a larger-than-typical gain in January. Trade, transportation, and utilities dropped 2,000 jobs in February, a time of year when the sector usually drops 3,600 jobs. Since February 2007, the sector added 4,400 jobs (1.3%). Retail trade has gained 4,600 jobs over the year, growth of 2.4 percent. Between September 2007 and February 2008, retail dropped 5,000 jobs or 2.5 percent – right in line with trends over the pre- to post-holiday shopping season the prior four years. Unemployment (Household Survey Data) Oregon’s seasonally adjusted unemployment rate of 5.5 percent in February was similar to its rates over the past 25 months. During that time rates have ranged from 5.0 to 5.5 percent. In February, 123,533 Oregonians were unemployed, compared with 113,738 in February 2007. The Oregon Employment Department will release statewide unemployment rate and employment survey data for March 2008 at 11 a.m. on Monday, April 14, 2008. — end —
For the complete version of the news release, including tables and graphs, visit: www.QualityInfo.org/pressrelease. For help finding jobs and training resources, visit one of the state's WorkSource Oregon Centers or go to: www.WorkSourceOregon.org. Equal Opportunity program — auxiliary aids and services available upon request to individuals with disabilities. |
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