September 14, 2023 3:25 a.m.

Oregon’s unemployment rate stayed at 3.4 percent in August, the same as July.

An update from the Oregon Employment Department said this tied Oregon’s record low of 3.4 percent, which was also reached in November and December 2019. Since May, Oregon’s unemployment rate has been below 4 percent. The U.S. unemployment rate rose from 3.5 percent in July to 3.8 percent in August.

State Employment Economist Gail Krumenauer said in August, Oregon’s seasonally adjusted nonfarm payroll employment declined by 1,200 jobs, following a revised gain of 3,400 jobs in July. Krumenauer said August’s over-the-month job losses were largest in retail trade, construction, and business and professional services, which lost 1,600, 1,000, and 800 jobs respectively. Job gains were largest in leisure and hospitality which added 2,100 jobs.

OED said payroll employment grew by 1.3 percent over the past 12 months. Over-the-year, job growth decelerated to an average of about 2 percent in the past five months, from 12-month growth rates that were above 3 percent during the economic recovery period, which included much of the prior two years.

Krumemauer said several major industries grew rapidly over the past 12 months. Since August of 2022, leisure and hospitality gained 10,500 jobs, or 5.3 percent. However, that is still 6,100 jobs below the prior peak reached in February 2020. Health care and social assistance added 14,000 jobs or 5.2 percent, also adding jobs rapidly over the past 12 months. Social assistance gained 6,300 jobs in that time.

Several industries have contacted in the past 12 months. Manufacturing lost 4,100 jobs, or 2.1 percent. Durable goods manufacturing component industries have cut up to 2 percent of jobs in that time. Likewise, retail trade has lost 3,700 jobs or 1.8 percent with most component industries declining slightly since August 2022. Meanwhile after booming from 2019 through 2021, transportation, warehousing and utilities has retraced some of those job gains, cutting 3,200 jobs or 4.0 percent in the past 12 months.