In January, Oregon’s seasonally adjusted employment dropped by 4,900 jobs, following a revised gain of 1,900 jobs in December. January’s losses were largest in professional and business services (-1,700 jobs); leisure and hospitality (-1,600); other services (-1,400), transportation, warehousing, and utilities (-1,200); and construction (-600). Gains in January were largest in health care and social assistance (+1,100 jobs) and manufacturing (+500).
Over the most recent 12 months, jobs edged lower. Oregon’s seasonally adjusted nonfarm payroll employment dropped by 4,900 jobs, or -0.2%, between January 2023 and January 2024. The private sector cut 15,200 jobs, or -0.9%, 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. 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%, while government is up 10,300 jobs, or 3.4%, in the 12 months through January.
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%, in the most recent 12 months. Over-the-year job declines occurred in each of this major industry’s three components: administrative and waste services (-5,800 jobs); professional and technical services (-3,000); and management of companies and enterprises (-700).
While Oregon’s job growth has been close to flat in the 12 months ending in January, with a decline of 0.2%, at the national level U.S. jobs grew by 1.9% and rose in every month of that period.
Oregon’s unemployment rate was 4.1% in January and 4.0% in December. It has remained in a tight range between 3.4% and 4.2% for more than two years, back to October 2021. The U.S. unemployment rate was 3.7% in both December and January.
