March 3, 2020 10:30 a.m.
Oregon’s unemployment rate is at its lowest in 44 years according to data released by the Oregon Employment Department on Tuesday.
Economist David Cooke said the rate declined to 3.3 percent in January. That is the least it has been since comparable records began in 1976. The December rate was revised downward to 3.4 percent.
Cooke said annual revisions to the labor force data show that Oregon’s unemployment rate steadily declined throughout the last year, from 4.2 percent in January and February of 2019, to the low point of 3.4 percent during each of the last three months of 2019. The revisions indicated an even tighter labor market than originally estimated, with Oregon’s unemployment rate solidly in the three-percent range for the first time in decades.
Total nonfarm payroll employment declined by more than 1,800 jobs in January, following a gain of 800 jobs in December. Two major industries added more than 1,000 jobs in January. Health care and social assistance added over 1,600 jobs while government gained more than 1,200 jobs. Three industries cut jobs substantially. Professional and business services cut 2,900 jobs, while construction dropped by 1,400 jobs and manufacturing lost around 1,200 jobs.
Oregon’s nonfarm payroll employment increased by 16,900 jobs, or just under 1 percent, over the year since January of 2019. This growth continued the state’s deceleration over the past several years, as annual job gains had been tracking between 1.3 and 2.0 percent over the prior year and a half.