March 6, 2024 3:50 a.m.
In January, Oregon’s seasonally adjusted nonfarm payroll employment dropped by 4,900 jobs, following a revised gain of 1,900 jobs in December.
A release from the State of Oregon Employment Department said January’s losses were largest in professional and business services which shed 1,700 jobs, leisure and hospitality where 1,600 jobs were lost, the “other services” category which dropped 1,400 jobs, transportation, warehousing and utilities with losses of 1,200 jobs, and a loss of 500 jobs in manufacturing.
State Employment Economist Gail Krumenauer said over the most recent 12 months, jobs edged lower. Krumenauer said Oregon’s seasonally adjusted nonfarm payroll employment dropped by 4,900 jobs or 0.2 percent between January 2023 and January 2024. The private sector cut 15,200 jobs or 0.9 percent over the most recent 12-month period. Job losses in four major industries stood out, each down by between 3,700 and 9,500 jobs. Krumenauer said these industries are information, professional and business services, manufacturing and retail trade. Five other major industries had smaller losses, between 700 and 2,200 jobs. In contrast, health care and social assistance is up 13,400 jobs or 4.8 percent while government is up 10,300 jobs or 3.4 percent in the 12 months through January.
OED said annual revisions indicate less robust construction employment than originally estimated. Construction employed 116,700 in January, which was close to its headcount during each of the past 18 months. Professional and business services was also revised lower, showing that the industry contracted by 9,500 jobs or 3.6 percent in the most recent 12 months. Over-the-year job declines occurred in each of this major industries three components: administrative and waste services which dropped 5,800 jobs, professional and technical services where 3,000 jobs were lost and management of companies and enterprises where jobs fell by 700.
Krumenauer said while Oregon’s job growth has been close to flat in the 12 months ending in January, with a decline of 0.2 percent, at the national level, U.S. jobs grew by 1.9 percent and rose in every month of that period.
Oregon’s unemployment rate was 4.1 percent in January and 4.0 percent in December. It has remained in a tight range between 3.4 percent and 4.2 percent for more than two years, back to October 2021. The U.S. unemployment rate was 3.7 percent in both December and January.