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| Oregon's statewide unemployment rate - March 2008 | ||
| 04/14/2008 | ||
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CONTACT: David Cooke, Economist (503) 947-1272 David.C.Cooke@state.or.us Oregon’s Employment Situation: March 2008 Oregon’s seasonally adjusted unemployment rate was 5.7 percent in March and the revised figure for February was 5.4 percent. The U.S. seasonally adjusted unemployment rate rose to 5.1 percent in March from 4.8 percent in February. In March, Oregon’s seasonally adjusted nonfarm payroll employment declined 2,700, following a revised gain of 900 jobs in February. Industry Payroll Employment (Establishment Survey Data) In March, total seasonally adjusted payroll employment dropped by 2,700, the first decline in six months. February’s figure was revised upward to show a gain of 900 jobs as opposed to the originally reported loss of 1,400 jobs. In March, several major industries recorded substantial seasonally adjusted job declines: trade, transportation, and utilities (-1,600 jobs), manufacturing (-1,300), construction (-700) and leisure and hospitality (-700). These losses were partially balanced by seasonally adjusted job gains in educational and health services (+1,300 jobs) and government (+1,100). Trade, transportation, and utilities added only 500 jobs when a gain of 2,100 would be the normal March seasonal movement. Retail trade added 100 jobs as did wholesale trade. Despite the weak gain in March, over the past few months, retail trade has shown modest growth, with employment up 2,900 or 1.5 percent since March 2007. On the other hand, wholesale trade has been impacted by declines in manufacturing and is down 300 jobs during the past 12 months. Manufacturing continued to trend downward in March as durable goods manufacturing shed 1,200 jobs. Durable goods has declined at a rapid rate since reaching a multi-year peak of 156,900 jobs in August 2006. Employment in March stood at 145,700, meaning that 11,200 jobs have been lost in less than two years. Since March 2007, losses have been substantial in wood product manufacturing (-2,000 jobs), computer and electronic product manufacturing ( 1,500), and transportation equipment manufacturing (-1,500). Conversely, nondurable goods manufacturing has expanded over the last two years and has gained 900 jobs since March 2007. Construction posted no employment change during a month in which 700 jobs typically would be added. The March construction employment total of 93,700 was down 6,800 jobs from the year-ago figure. The residential side saw substantial cutbacks in March as residential building construction shed 500 jobs and building foundation and exterior contractors also cut 500 jobs. Seasonally adjusted construction employment peaked at 105,200 in August 2007 and is now down to 97,900 jobs, equaling a loss of nearly seven percent in seven months’ time. Leisure and hospitality marked time for the last few months after surging in the fourth quarter. The longer-term trend shows continued growth in this industry that is dominated by restaurant employment, with an over-the-year gain of 5,200 jobs or close to three percent. Educational and health services continued to be the fastest growing major industry. It added 1,700 jobs in March, four times its normal seasonal pattern. Since March 2007, it is up 8,400 jobs or 4.0 percent. All industries within health care saw substantial job gains over the past 12 months and all were up in March. Employment trends over the past two years accelerated gradually as the baby boom generation started pushing into its golden years and health care increased as a percentage of its members’ budgets. Government added 2,400 jobs in March, which was nearly double its expected seasonal gain. It was up 8,100 jobs since March 2007, a gain of 2.8 percent. Local governments have expanded both their educational employment component as well as their other segments, following essentially no net job gains between 2002 and 2006. In March, local government employed 195,600, a gain of 5,500 or 2.9 percent from March 2007. Unemployment (Household Survey Data) Oregon’s seasonally adjusted March unemployment rate of 5.7 percent was significantly above the lowest level over the past several years, which was reached in February, March and April 2007, when the rate was 5.0 percent. In March 123,131 Oregonians were unemployed, the highest since March 2005 when 127,747 were unemployed. In March 2007, 106,497 Oregonians were unemployed. The Oregon Employment Department will release statewide unemployment rate and employment survey data for April 2008 at 11 a.m. on Monday, May 12, 2008. -30-
For the complete version of the news release, including tables and graphs, visit: www.QualityInfo.org/pressrelease. Equal Opportunity program — auxiliary aids and services available upon request to individuals with disabilities. |
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