April 13, 2022 10:50 a.m.
Oregon’s unemployment rate dropped to 3.8 percent in March, down from 4.0 percent in February.
A release from the Oregon Employment Department said that continues the rate’s rapid decline in recent months.
The March unemployment rate is well below the 6.1 percent it reached a year ago and is the lowest prior to the pandemic-induced recession two years ago, in March 2020, when it was 3.5 percent.
The release said in March, Oregon’s seasonally adjusted nonfarm payroll employment rose by 5,600 jobs, following a revised gain of 9,700 jobs in February. In March, gains were largest in construction with 1,500 jobs, financial activities with 1,400 jobs, leisure and hospitality and the “other services” category which each added 900 jobs, manufacturing with 800 and government with 700. The only major category to cut a substantial number of jobs was in the professional and business services category which shed 900 jobs.
State Employment Economist Gail Krumenauer said construction reached another record high of 117,500 jobs in March. Krumenauer said since March 2021, construction added 6,100 jobs or 5.5 percent. Over the year, construction of buildings added 1,900 jobs, or 10.8 percent, which was the fastest growth rate of all construction component industries. Building equipment contractors also grew rapidly, adding 3,100 jobs or 9.9 percent during the past twelve months.
The release said financial activities employment was boosted by the hot real estate sector. Real estate and rental and leasing added 1,400 jobs in March to reach 50,300 jobs. Meanwhile, the more-steady finance and insurance category was flat at 56,700 jobs, near where it has remained over the past dozen years.
Leisure and hospitality cooled at least temporarily, from its rapid comeback of the past two years. Despite only adding 900 jobs in March, it is up 38,400 jobs since March 2021, which accounts for more than half of the private sector’s job gains in that time.
Professional and business services cut 900 jobs, but at 256,500 jobs, the sector was still near an all-time high. In March, administrative and waste services cut 1,800 jobs, after adding nearly as many in the prior two months.
The U.S. unemployment rate was 3.6 percent in March and 3.8 percent in February.