NEWS - OED Unemployment

NEWS

FOR IMMEDIATE RELEASE: May 18, 2022

CONTACT INFORMATION: Gail Krumenauer, State Employment Economist (971) 301-3771 Video and Audio available at 10 a.m. David Cooke, Economist (971) 375-5288

Oregon's Unemployment Rate Edges Down to 3.7% in April

Oregon's unemployment rate edged down to 3.7% in April, from 3.8% in March, reaching its lowest level in more than two years. The rate is now close to Oregon's record low of 3.4% which occurred in each of the four months of November 2019 through February 2020. The U.S. unemployment rate was 3.6% in both March and April 2022.

Throughout the past two years, Oregon and the nation have experienced similar trends as their economies and labor markets have recovered from the pandemic recession. Both saw their unemployment rates spike to unusual highs of more than 13% by April 2020, followed by a drop to below 7% six months later. For the past 21 months, Oregon's unemployment rate has been within a half percentage point of the U.S. unemployment rate.

Payroll employment trends have also been similar for Oregon and the U.S., with both losing roughly 14% of payroll jobs between February and April 2020, then recovering roughly a third of those jobs three months later, followed by a more gradual recovery leading up to April 2022. However, Oregon has slightly lagged the U.S. jobs recovery overall, with the U.S. adding back 95% of jobs lost during the pandemic-induced recession, while Oregon has only recovered 88% of the jobs.

In April, Oregon's seasonally adjusted nonfarm payroll employment rose by 4,200 jobs, following a revised gain of 7,000 jobs in March. Over-the-month gains were largest in health care and social assistance (+1,800 jobs), manufacturing (+1,300), and professional and business services (+1,300). The only major industry to cut at least 1,000 jobs was other services (-1,000 jobs).

Professional and business services has grown rapidly and consistently over the past two years. In April, employment reached 261,700, another record high for the industry. Recent revisions to the jobs tallies boosted the past six months' employment upward by about 3,000 above original estimates.

Next Press Releases The Oregon Employment Department plans to release the April county and metropolitan area unemployment rates on Tuesday, May 24, and the next statewide unemployment rate and employment survey data for May on Wednesday, June 15.

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Employment Department News Release

Page 2 of 3

May 18, 2022

Percent 14.0

Oregon Unemployment Rate, Seasonally Adjusted

13.0

12.0

11.0

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Seasonal Expectations and Over-the-Month Employment Changes

March to April 2022

INDUSTRY

Total nonfarm payroll employment Total private Mining and logging Construction Manufacturing

Normal Seasonal Movement

Unadjusted Change

Seasonally Adjusted Change

9,800 8,800

0 1,400

900

14,000 12,500

-100 2,000 2,200

4,200 3,700

-100 600 1,300

Wholesale trade Retail trade Transportation, warehousing, and utilities Information

Financial activities Professional and business services Private educational services Health care and social assistance

Leisure and hospitality

Other services

Government

-300 1,400

300

600

700

-700

-800 200 400

1,600

-100 -100 3,500 700 1,000

-1,100 100 -300

2,900

100 1,700 4,300

-300 1,500

-300 -100 -700

1,300

200 1,800

800 -1,000

500

Millions 2.00

Oregon Nonfarm Payroll Employment, Seasonally Adjusted

1.95

1.90

1.85

1.80

1.75

1.70

1.65

1.60

1.55

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Oregon Seasonally Adjusted Employment

350,000

Trade, transportation, and utilities

300,000

Health care and social assistance-->

250,000

Professional and business services

Government, including public education

200,000

Manufacturing

150,000

Leisure and hospitality

Construction

100,000

Financial activities

Other services

50,000

Information

Mining and logging

Educational services

0 2017 2018 2019 2020 2021 2022

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Employment Department News Release

Page 3 of 3

May 18, 2022

Notes: All numbers in the above narrative are seasonally adjusted.

The Oregon Employment Department and the U.S. Bureau of Labor Statistics (BLS) work cooperatively to develop and publish monthly Oregon payroll employment and labor force data. The estimates of monthly job gains and losses are based on a survey of businesses. The estimates of unemployment are based on a survey of households and other sources.

The Oregon Employment Department publishes payroll employment estimates that are revised quarterly by using employment counts from employer unemployment insurance tax records. All department publications use this Official Oregon Series data unless noted otherwise. This month's release incorporates the October, November and December 2021 tax records data. In addition, data for July through September 2021 were revised by a total of up to 2,600 jobs per month. The department continues to make the original nonfarm payroll employment series available; these data are produced by the BLS.

The PDF version of the news release can be found at press-release. To obtain the data in other formats such as in Excel, visit , then within the top banner, select Economic Data, then choose LAUS or CES. To request the press release as a Word document, contact the person shown at the top of this press release.

To file a claim for unemployment benefits or get more information about unemployment programs, visit employ.

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The Oregon Employment Department (OED) is an equal opportunity agency. Everyone has a right to use OED programs and services. OED provides free help. Some examples are: Sign language and spoken language interpreters, written materials in other languages, braille, large print, audio and other formats. If you need help, please call 971-673-6400. TTY users call 711. You can also ask for help at OED_Communications@employ..

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Workforce and Economic Research CES Updated With 4Q2021 QCEW May 18, 2022

Oregon Current Labor Force and Industry Employment

Labor Force Status Civilian labor force

Unemployed Unemployment rate Unemployment rate, seasonally adjusted

Employed

Other Labor Force Indicators Labor force participation rate, seasonally adjusted Labor underutilization rate ? U-6, seasonally adjusted

Nonfarm Payroll Employment Total nonfarm payroll employment

Total private Mining and logging Logging Construction Construction of buildings Residential building construction Nonresidential building construction Heavy and civil engineering construction Specialty trade contractors Building foundation and exterior contractors Building equipment contractors Building finishing contractors Other specialty trade contractors Manufacturing Durable goods Wood product manufacturing Sawmills and wood preservation Plywood and engineered wood product mfg. Other wood product manufacturing Primary metal manufacturing Fabricated metal product manufacturing Machinery manufacturing Computer and electronic product manufacturing Semiconductor and electronic component mfg. Electronic instrument manufacturing Transportation equipment manufacturing Nondurable goods Food manufacturing Fruit and vegetable preserving and specialty Paper manufacturing Trade, transportation, and utilities Wholesale trade Merchant wholesalers, durable goods Merchant wholesalers, nondurable goods Electronic markets and agents and brokers Retail trade Motor vehicle and parts dealers Building material and garden supply stores Food and beverage stores Clothing and clothing accessories stores Sporting goods, hobby, book and music stores General merchandise stores Miscellaneous store retailers Nonstore retailers

April 2022

2,201,334 78,796 3.6 3.7

2,122,538

March 2022

2,202,685 86,725 3.9 3.8

2,115,960

April 2021

Change From March 2022

Change From April 2021

2,144,560 124,077 5.8 5.9

2,020,483

-1,351 -7,929

-0.3 -0.1 6,578

56,774 -45,281

-2.2 -2.2 102,055

63.3 7.2

63.0 7.3

62.4 10.8

0.3

0.9

-0.1

-3.6

1,939,000 1,644,200

6,300 4,500 116,700 34,300 22,400 11,900 10,500 71,900 13,600 33,100 15,300 9,900 193,400 135,000 23,400 6,500 8,700 8,200 7,300 16,500 14,700 40,900 34,100 5,000 10,800 58,400 28,000 9,600 4,000 359,800 76,100 38,000 30,600 7,500 205,800 25,100 17,600 45,500 13,800 9,300 38,600 17,700 7,600

1,925,000 1,631,700

6,400 4,500 114,700 33,200 21,500 11,700 10,100 71,400 13,200 32,700 16,100 9,400 191,200 133,100 23,100 6,400 8,600 8,100 7,200 16,300 14,500 40,600 33,300 5,000 10,700 58,100 27,600 9,600 4,000 359,900 75,800 37,900 30,400 7,500 205,100 25,400 17,700 45,400 13,900 9,300 38,700 17,700 7,600

1,863,100 1,574,900

6,600 4,800 109,900 31,500 20,000 11,500 9,800 68,600 13,100 31,100 14,900 9,500 185,100 128,100 22,700 6,300 8,500 7,900 6,600 15,600 13,600 37,400 30,100 4,900 10,900 57,000 27,900 9,800 4,100 356,700 74,400 37,100 30,000 7,300 207,200 25,700 19,300 45,500 12,700 9,000 40,700 16,400 7,800

14,000 12,500

-100 0

2,000 1,100

900 200 400 500 400 400 -800 500 2,200 1,900 300 100 100 100 100 200 200 300 800

0 100 300 400

0 0 -100 300 100 200 0 700 -300 -100 100 -100 0 -100 0 0

75,900 69,300

-300 -300 6,800 2,800 2,400 400 700 3,300 500 2,000 400 400 8,300 6,900 700 200 200 300 700 900 1,100 3,500 4,000 100 -100 1,400 100 -200 -100 3,100 1,700 900 600 200 -1,400 -600 -1,700

0 1,100

300 -2,100 1,300

-200

or2022est.xlsm "CLFIE-QBM"

April 2022

March 2022

April 2021

Change From March 2022

Change From April 2021

Transportation, warehousing, and utilities Utilities

Transportation and warehousing Truck transportation Couriers and messengers Warehousing and storage

Information Publishing industries, except internet Newspaper, book, and directory publishers Software publishers Telecommunications

Financial activities Finance and insurance Credit intermediation and related activities Insurance carriers and related activities Real estate and rental and leasing Real estate

Professional and business services Professional and technical services Legal services Architectural and engineering services Computer systems design and related services Management of companies and enterprises Administrative and waste services Administrative and support services Employment services Business support services Services to buildings and dwellings

Education and health services Educational services Health care and social assistance Ambulatory health care services Hospitals Nursing and residential care facilities Social assistance

Leisure and hospitality Arts, entertainment, and recreation Amusement, gambling, and recreation Accommodation and food services Accommodation Food services and drinking places Full-service restaurants Limited-service eating places

Other services Repair and maintenance Personal and laundry services Membership associations and organizations Religious organizations

Government Federal government State government State education Local government Indian tribal Local education

Labor-management disputes

77,900 4,900

73,000 18,600 15,000 19,900 35,500 16,000

2,300 13,700

4,400 105,900

56,200 25,800 23,900 49,700 43,900 261,100 109,000 12,100 19,200 17,800 49,000 103,100 97,300 43,700

9,600 28,400 309,900 36,900 273,000 98,100 57,600 48,600 68,700 196,200 24,400 17,900 171,800 21,600 150,200 64,200 70,100 59,400 18,500 14,100 26,800 14,400 294,800 27,800 42,400

1,100 224,600

7,600 130,700

0

79,000 4,800

74,200 19,000 15,500 20,000 35,400 15,900

2,300 13,600

4,400 106,200

56,900 26,200 24,400 49,300 44,000 258,200 108,300 11,900 18,600 17,500 48,800 101,100 95,200 43,500

9,500 26,500 308,100 36,800 271,300 97,000 57,800 48,900 67,600 191,900 24,100 17,800 167,800 20,600 147,200 63,500 69,100 59,700 18,900 14,100 26,700 14,000 293,300 27,100 42,300

1,100 223,900

7,600 130,700

0

75,100 4,700

70,400 18,800 13,900 18,300 34,100 15,700

2,400 13,300

4,600 103,400

56,700 26,100 24,400 46,700 41,900 249,400 103,400 11,700 17,500 16,800 47,900 98,100 92,100 38,200 10,700 25,500 302,600 34,200 268,400 94,400 58,400 50,100 65,500 168,400 19,800 15,000 148,600 18,600 130,000 53,200 65,700 58,700 18,600 13,600 26,500 14,100 288,200 28,400 42,300

900 217,500

7,600 125,500

0

-1,100 100

-1,200 -400 -500 -100 100 100 0 100 0 -300 -700 -400 -500 400 -100

2,900 700 200 600 300 200

2,000 2,100

200 100 1,900 1,800 100 1,700 1,100 -200 -300 1,100 4,300 300 100 4,000 1,000 3,000 700 1,000 -300 -400

0 100 400 1,500 700 100

0 700

0 0 0

2,800 200

2,600 -200

1,100 1,600 1,400

300 -100 400 -200 2,500 -500 -300 -500 3,000 2,000 11,700 5,600 400 1,700 1,000 1,100 5,000 5,200 5,500 -1,100 2,900 7,300 2,700 4,600 3,700 -800 -1,500 3,200 27,800 4,600 2,900 23,200 3,000 20,200 11,000 4,400 700 -100 500 300 300 6,600 -600 100 200 7,100

0 5,200

0

The most recent month is preliminary, the prior month is revised. Prepared in cooperation with the U.S. Department of Labor, Bureau of Labor Statistics.

Labor Force Status: Civilian labor force includes employed and unemployed individuals 16 years and older by place of residence. Employed includes nonfarm payroll employment, self-employed, unpaid family workers, domestics, agriculture and labor disputants. Unemployment rate is calculated by dividing unemployed by civilian labor force.

U-6 is the total unemployed plus all persons marginally attached to the labor force plus total employed part-time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.

Nonfarm Payroll Employment: Data are by place of work and cover full- and part-time employees who worked or received pay for the pay period that includes the 12th of the month. The data exclude the self-employed, volunteers, unpaid family workers, and domestics. These survey-based estimates are revised quarterly, based on more complete information from employer tax records.

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