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| Oregon statewide unemployment rate - October 2008 | ||
| 11/17/2008 | ||
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CONTACT : David Cooke, Economist (503) 947-1272 Oregon’s Employment Situation: October 2008 Oregon’s seasonally adjusted unemployment rate rose from 6.4 percent in September to 7.3 percent in October. This was the state’s highest unemployment rate since August 2004, when the rate was 7.4 percent. The U.S. seasonally adjusted unemployment rate rose from 6.1 percent in September to 6.5 percent in October. In October, Oregon’s seasonally adjusted nonfarm payroll employment fell by 14,100, following a revised loss of 4,400 in September. Industry Payroll Employment (Establishment Survey Data) In October, seasonally adjusted job losses were widespread with four major industries each losing between 1,100 and 1,700 jobs, while three major industries posted declines of more than 2,000: manufacturing ( 4,500 jobs); professional and business services ( 2,800); and leisure and hospitality (-2,100). None of the major industries saw job gains of more than 500. Manufacturing cut 5,000 jobs at a time of year when a loss of only 500 is expected. Transportation equipment manufacturing cut 1,500 jobs in October, mainly due to a strike. Computer and electronic product manufacturing cut 1,200 jobs and is down 3,100 jobs since October 2007. This industry is down over the past few months partially due to an announced closure of a memory chip manufacturer in Lane County. Machinery manufacturing was down 600 for the month and down 1,100 over the past 12 months. Wood product manufacturing continues to feel the effects of reduced residential construction spending. Its employment was cut 1,000 in October and was down 3,000 since October 2007. Professional and business services cut 3,800 jobs in October, when a loss of 1,000 was the normal seasonal pattern. A component industry, “administrative and waste services”, which makes up nearly half of all of the employment in professional and business services, shed 3,700 jobs in October. Losses were largely the result of cuts of 1,200 in employment services and 1,000 in services to buildings and dwellings. Leisure and hospitality shed 6,800 jobs at a time of year when a drop of 4,700 is normal. This left the industry with October employment of 171,200, or 1,900 below its year-ago level. The food services and drinking places industry shed 3,000 jobs in October and is down 1,900 in the past 12 months. The weakness in consumer spending seems to be hitting full-service restaurants hard, with employment down 1,300 jobs since October 2007. Meanwhile, limited-service eating places have fared better, as their current employment is essentially unchanged from the October 2007 level. The accommodation industry is also feeling the effects of this economic downturn, as it is off by 1,000 jobs in the past 12 months. Financial Activities shed 2,600 jobs when a loss of only 900 is the typical October decrease. The industry continues to trend downward in the wake of the national credit crisis and continued downtrend in Oregon’s residential housing market. Credit intermediation and related activities cut 200 jobs in October and was down 1,600 jobs since October 2007. Reductions in this industry have been concentrated in mortgage brokers and savings and loans firms, which have experienced dwindling employment levels for more than a year. Countering that trend are the steady employment gains seen in insurance carriers and related activities. This industry now employs 29,100, a gain of 1,400 jobs in the past 12 months and a gain of 4,000 jobs since the industry bottomed in early 2004. Real estate and rental and leasing was down 3,900 in the past 12 months, reflecting a deflating housing bubble. Government added 15,700 jobs in October as local government kindergartens through community colleges as well as state government universities brought employment back up to full school-year levels. The monthly gain was slightly below the typical October gain of 16,900. Most published industries within government have added jobs over the year. Construction employment shrank again in October, dropping 2,000 for the month, which was more than double the typical seasonal decline of 900. On a seasonally adjusted basis, construction has been on a steady and steep downtrend since July 2007, when employment stood at 105,800. Since that time, construction is down 13,900 jobs or 13.1 percent. Trade, transportation, and utilities cut 1,100 jobs for the month, when a flat seasonal employment pattern is normal for October. With employment already down 4,100 jobs over the past 12 months, retailers are bracing for a lackluster holiday shopping season. Unemployment (Household Survey Data) In October, Oregon’s seasonally adjusted unemployment rate rose to 7.3 percent. In October 2007, Oregon’s unemployment rate was 5.4 percent. Thus, the rate has risen by 1.9 percentage points over the past 12 months. In October 134,096 Oregonians were unemployed, an increase of 40,458 from the October 2007 level of 93,638. The Oregon Employment Department will release statewide unemployment rate and employment survey data for November 2008 at 11 a.m. on Monday, December 15, 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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