November 17, 2021 3:10 a.m.
Oregon’s unemployment rate dropped to 4.4 percent in October, down from 4.7 percent in September.
An update from the Oregon Employment Department said this is an unusually low unemployment rate for the state. Since 1976, when comparable records began, through October 2016, Oregon’s unemployment rate was never as low as 4.4 percent. However, during the economic expansion just prior to the pandemic recession, the state’s unemployment rate was 4.4 percent or lower for the 41 consecutive months from November 2016 through March 2020, Oregon’s unemployment rate reached a record low of 3.3 percent in November and December of 2019.
OED said nonfarm payroll employment rose by 4,700 in October, following a revised gain of 700 jobs in September. In October, the private sector grew rapidly by adding 10,300 jobs, but that gain was diminished by a loss of 5,600 jobs in government. October’s total nonfarm employment gain was less that the average of 6,800 jobs added per month during the prior six months.
Among the major industries, leisure and hospitality and professional and business services each added close to 3,000 jobs in October. Three other industries added more than 1,000 jobs: Construction went up by 1,500 jobs, manufacturing gained 1,400 positions, and wholesale trade added 1,100 jobs. Government dropped by 5,600 jobs as schools still had low employment levels in October compared with two years prior.
OED said leisure and hospitality added 3,100 jobs in October, following a gain of 2,200 in September. Despite those gains, that category still accounts for the bulk of Oregon’s jobs not recovered since early 2020, with 30,000 jobs left to recover to reach the prior peak month of February 2020. The industry has regained 73 percent of jobs lost early in the pandemic.
The update said professional and technical services has grown rapidly throughout this year and the industry is now well above its pre-recession peak. The industry added 4,200 jobs during the past three months and 13,100 jobs since the low point of 2020.