April 19, 2023 10:30 a.m.
Oregon’s unemployment rate dropped to 4.4 percent in March.
A release from the Oregon Employment Department said that is down from 4.7 percent in February.
For the past 20 months since August 2021, Oregon’s unemployment rate has remained relatively steady and near historic lows. The unemployment rate averaged 4.3 percent in that time, while ranging between 3.5 percent and 4.8 percent. The U.S. unemployment rate was 3.5 percent in March and 3.6 percent in February. In March, Oregon’s seasonally adjusted nonfarm payroll employment rose by 2,400 jobs, following a revised loss of 2,700 jobs in February.
State Employment Economist Gail Krumenauer said in March gains were largest in health care and social assistance, which increased by 1,600 jobs, and professional and business services, which added 1,200 jobs. The only major industries to cut a substantial number of jobs were retail trade, which lost 900 positions, and transportation, warehousing and utilities, where 500 jobs were lost.
OED said health care and social assistance added jobs at a rapid pace over the past year. Since March 2022, it added 8,300 jobs which was a 3.1 percent increase. Nearly all the gains over the past year were in social assistance, which added 5,400 jobs since March 2022 and is now 2,500 jobs above its pre-pandemic high. Hospitals added 800 jobs in March, following little gain during the prior 11 months.
Krumenauer said professional and business services grew rapidly over the past three years. It added 8,900 jobs, or 3.4 percent since March 2022. One of its major component industries, administrative and waste services, was a primary driver of jobs expansion lately, as it added 4,400 jobs or 4.2 percent in the past 12 months. Employing 110,400 in March, this large industry makes up 1 in 20 nonfarm payroll jobs in Oregon. It includes firms such as temporary help services, janitorial services, landscaping services and telephone call centers.
Retail trade hovered close to 210,000 jobs over the past two years, with a slightly downward trend over the past year. Since March 2022, the broad retail trade sector lost 1,600 jobs which is 0.8 percent. Most retail components cut between 100 and 600 jobs. The only published component industry expanding in that time was food and beverage retailers, which added 900 jobs.
OED said all the numbers in this report are seasonally adjusted except for the components of health care and social assistance and retail trade.