June 14, 2023 10:50 a.m.

Oregon’s unemployment rate dropped to 3.7 percent in May, down from 4.0 percent in April.

A release from the Oregon Employment Department said this was the fourth consecutive monthly drop in the unemployment rate, down from a recent high of 4.8 percent in January. The May rate was similar to rates in February through May 2022, when it ranged from 3.5 percent to 3.7 percent. Oregon’s May unemployment rate equaled the U.S. unemployment rate, which rose to 3.7 percent in May, from 3.4 percent in April.

Economist David Cooke said in May, Oregon’s seasonally adjusted nonfarm payroll employment rose by 3,600 jobs, following a revised gain of 500 jobs in April. Cooke said over-the-month gains were largest in financial activities which grew by 1,200 jobs, leisure and hospitality which gained 1,100 jobs and the transportation, warehousing and utilities category which grew by 1,000 jobs. Declines were the largest in retail trade which lost 500 jobs and government which lost 300 jobs. Since May 2022, Oregon has added 39,100 nonfarm payroll jobs, which is a gain of 2.0 percent.

OED said leisure and hospitality, while still adding jobs, has grown at a slower rate during the past twelve months than during its rapid partial recovery during much of 2020 and 2021. Its component industry, accommodation and food services, which employed 177,000 in May, added 4,800 jobs in the past twelve months. Meanwhile arts, entertainment, and recreation, which employed 27,600 in May, added 2,800 jobs in that time. Despite these recent gains, leisure and hospitality is still 11,900 jobs, or five percent, below where it was in February 2020, just prior to the Pandemic Recession.

More information from OED is available at: https://www.qualityinfo.org/press-release