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| Oregon statewide unemployment rate June 2008 | ||
| 07/14/2008 | ||
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CONTACT: David Cooke Economist, Oregon Employment Department (503) 947-1272 David.C.Cooke@state.or.us Oregon’s Employment Situation: June 2008 Oregon’s seasonally adjusted unemployment rate was 5.5 percent in June, essentially unchanged from 5.6 percent in May. The U.S. seasonally adjusted unemployment rate was 5.5 percent in both May and June. In June, Oregon’s seasonally adjusted nonfarm payroll employment rose by 1,600, following a revised loss of 6,100 jobs in May. Industry Payroll Employment (Establishment Survey Data) In June, total seasonally adjusted payroll employment rose by 1,600, the first monthly gain since February. However, the May figure was revised downward by 2,400 jobs to now show a loss of 6,100 jobs in May. Payroll employment stood at 1,734,400, which is 7,500 lower than the peak reached in February. This job loss over the most recent four months is equal to 0.4 percent of nonfarm payroll employment and has averaged 1,900 per month. In June, four major industries posted sizeable seasonally adjusted job gains: construction (+1,800 jobs); educational and health services (+800); leisure and hospitality (+1,800); and government (+800). Meanwhile, three major industries cut jobs on a seasonally adjusted basis: manufacturing (-2,000 jobs); financial activities (-1,100); and professional and business services ( 1,400). Construction added 3,600 jobs, which was double the expected seasonal gain of 1,800 for June. All published industries within construction added jobs for the month. However, the gains follow a sharp decline in May, where employment figures were revised to show a seasonally adjusted job decline of 2,400 for May. Construction employment is now down 7,500 jobs or 7.1 percent since June 2007. Educational and health services saw less than its normal seasonal decline in June, dropping 4,600 jobs when a loss of 5,400 is typical. Private sector education, at 27,300 jobs, is up 800 since June 2007. Meanwhile, health care and social assistance was flat in June, but is up 7,800 jobs or 4.3 percent over the past 12 months; thus, tracking as one of the most rapidly expanding industries over the long term. Leisure and hospitaltiy bounced back following several months of lackluster employment readings. It added 4,700 jobs when a gain of 2,900 is normal for June. The arts, entertainment, and recreation sector is estimated to have gained 1,100 jobs in June and 2,600 over the past 12 months. Accommodation and food services added 3,600 jobs, following more substantial cuts in recent months. This industry is up 1.1 percent over the past 12 months. Government added 1,500 jobs, which was double the typical gain of 700 in June. Federal government has been on the upswing this year, and at 30,900 jobs is 900 above its year-ago level. Local government, meanwhile, continues to expand at about the same pace it has shown over the prior two years. Local government is up 3,400 jobs or 1.8 percent since June 2007. Manufacturing continued to decline. In June, the industry was down 2,000 jobs on a seasonally adjusted basis. December 2007 marked a recent high point for the industry when it employed 204,300. The comparable June figure was 195,700, a loss of 8,600 jobs or 4.2 percent. Durable goods manufacturing has seen most of the job cuts, with these component industries all down since June 2007: wood products ( 2,600 jobs); computer and electronic product manufacturing ( 2,100); and transportation equipment manufacturing (-1,200). Nondurable goods has provided a counterweight, as it has gradually risen by more than 3,000 jobs over the past three years. Financial activities continues to be negatively influenced by the aftermath of the national housing bubble. It cut 400 jobs in June when a gain of 700 was expected due to seasonal factors. Since June 2007, real estate and rental and leasing is down by 2,000 jobs, while finance and insurance has cut 800. Professional and business services posted another disappointing month, adding less than half the typical gain of 2,600 for June. This major industry has dipped after a job spike earlier in the year and is now only 2,100 jobs or 1.1 percent above its June 2007 level. Unemployment (Household Survey Data) Oregon’s seasonally adjusted unemployment rate in June of 5.5 percent was essentially unchanged from the state’s rate over the past nine months. Since October 2007, Oregon’s unemployment rate has stayed within a narrow range of between 5.4 percent and 5.6 percent. June marked the first time in more than 12 years that Oregon’s seasonally adjusted unemployment rate was equal to the national rate. In May 1996, both the U.S. and the Oregon rate were 5.6 percent. During the entire period between June 1996 and May 2008, Oregon’s rate has been higher than the national rate. The Oregon Employment Department will release statewide unemployment rate and employment survey data for July 2008 at 11 a.m. on Monday, August 11, 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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