OED: Unemployment drops to a pre-pandemic rate

Oregon

The Oregon Employment Department (KOIN, file)

PORTLAND, Ore. (KOIN) — Oregon’s unemployment dropped to a low rate of 4.4% in October, a similar rate to pre-pandemic times, officials said.

The unemployment rate was 4.7% in September. The Oregon Employment Department said for 41 consecutive months from November 2016 to March 2020 the rate was 4.4% or lower, reaching a record low in November and December of 2019 of a 3.3% rate.

According to OED, unemployment from 1976 to October 2016 never reached the low of 4.4%.

In October the nonfarm payroll employment grew by 4,700 and the private sector added 10,300 jobs, however 5,600 jobs were loss in the government.

Nearly 3,000 jobs were created in the leisure and hospitality and the professional and business services industry. Despite the leisure and hospitality sector gaining a significant number of jobs, the industry still has not recovered from the 30,000 jobs lost in early 2020. Construction, manufacturing and wholesale trade each added more than 1,000 jobs, officials said.

While these industries grew, the government sector lost over 5,000 jobs due to schools having low employment. OED said local government employment is less than pre-pandemic times, as the number of hires ” fell well below seasonal norms.”

Officials said the professional and technical sector has exceeded its pre-recession peak.

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