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Oregon’s Unemployment Rate Decreases to 4.4% in March

Oregon's Unemployment Rate Decreases to 4.4% in March

In March, Oregon’s jobless rate went down from 4.7% in February to 4.4%.

It’s still higher than the national rate, which was 3.5% in March and 3.6% in February. But Oregon added 2,400 non-farm jobs in March. This is up from February when the number of jobs lost was changed to 2,700.

The Oregon Employment Department said that the state’s jobless rate has been fairly stable in the 20 months since August 2021, staying between 3.5% and 4.8%, which is very close to a record low. During that time, the average was 4.3%.

Oregon Employment Department also shared this news via tweet-

Healthcare and social support added 1,600 jobs in March, while professional and business services added 1,200 jobs. Only retail trade (900 jobs lost) and transportation, warehousing, and utilities (500 jobs lost) were big enough to lose a lot of jobs.

In the past year, jobs have been added quickly in health care and social support. It has added 8,300 jobs since March 2022, which is a 3.1% rise. Social aid, which has added 5,400 jobs since March 2022 and is now 2,500 jobs above its peak before the pandemic, accounted for almost all of the year’s gains.

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Hospitals added 800 jobs in March, after not adding many jobs in the 11 months before.

 

Over the past three years, professional and business services have grown quickly. Since March 2022, it has created 8,900 jobs or 3.4%. One of its parts, administrative and garbage services, has been a big reason for job growth recently. It has added 4,400 jobs, or 4.2%, in the past year.

In March, this big business in Oregon was responsible for 110,400 jobs, or one in every 20 non-farm payroll jobs in the state. It includes businesses like call centers, cleaning services, landscaping services, and temporary help services.

In retail trade, the number of jobs has been close to 210,000 for the past two years, with a small drop in the last year. Since March 2022, the retail trade industry as a whole has shed 1,600 jobs or 0.8% of its jobs. Most jobs in retail were cut by between 100 and 600. During that time, only food and beverage stores, which added 900 jobs, were known to be growing.

Gail Krumenauer, an economist with the Oregon Employment Department, said that 54,000 jobs have been added over the past 12 months. She said, “These gains have been pretty spread out across Oregon’s economy.”

(Source)

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