August 17, 2023 3:50 a.m.

Oregon’s unemployment rate dropped to 3.4 percent in July, down from 3.5 percent in June.

A report from the Oregon Employment Department said this was the sixth consecutive monthly drop in the unemployment rate, down from a recent high of 4.8 percent in January. The July rate equaled Oregon’s record low of 3.4 percent which was reached in November and December of 2019. The U.S. unemployment rate was 3.5 percent in July, which was very close to Oregon’s July rate.

State Employment Economist Gail Krumenauer said in July, Oregon’s seasonally adjusted nonfarm payroll employment rose by 6,800 jobs, following a gain of 5,700 jobs in June. Krumenauer said July’s gain was nearly double the average increase of 3,700 jobs during the prior twelve months.

OED said over-the-month job gains were largest in health care and social assistance which went up by 3,400 jobs. There were gains of 1,600 in government, 1,000 in professional and business services and 900 in construction. Declines were largest in financial activities which lost 600 jobs. The manufacturing, transportation, warehousing and utilities, and private educational services categories all lost 500 jobs.

The release said over the past 12 months, three major industries – healthcare and social assistance, leisure and hospitality, and government, have added nearly all of Oregon’s net new jobs, with each up by close to 10,000 jobs while expanding by about 4 percent to 5 percent.

OED said health care and social assistance grew by 13,900 jobs, or 5.2 percent. That category contributed the largest number of new jobs since July 2022. Each component of health care rapidly added jobs in the past twelve months

Durable goods manufacturing cut 700 jobs in July. Since July 2022, several of its component industries each cut a few hundred jobs. The bright spot was transportation equipment manufacturing, which added 400 jobs over the past twelve months. Nondurable goods manufacturing added 1,300 jobs.