Oregon’s Unemployment Rate Drops to 3.8% in March

[Pages:5]NEWS

FOR IMMEDIATE RELEASE: April 13, 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 Drops to 3.8% in March

Oregon's unemployment rate dropped to 3.8% in March, down from 4.0% in February, continuing its rapid decline of recent months. The March unemployment rate is well below the 6.1% it reached a year ago and is the lowest since prior to the pandemic-induced recession two years ago, in March 2020, when it was 3.5%. The U.S. unemployment rate was 3.6% in March and 3.8% in February.

In March, Oregon's seasonally adjusted nonfarm payroll employment rose by 5,600 jobs, following a revised gain of 9,700 jobs in February. In March, gains were largest in construction (+1,500 jobs), financial activities (+1,400), leisure and hospitality (+900), other services (+900), manufacturing (+800), and government (+700). The only major industry to cut a substantial number of jobs was professional and business services (-900 jobs).

Construction reached another record high of 117,500 jobs in March. Since March 2021, construction added 6,100 jobs, or 5.5%. Over the year, construction of buildings added 1,900 jobs, or 10.8%, which was the fastest growth rate of all construction component industries. Building equipment contractors also grew rapidly, adding 3,100 jobs, or 9.9%, during the past 12 months.

Financial activities employment was boosted by the hot real estate sector. Real estate and rental and leasing added 1,400 jobs in March to reach 50,300 jobs. Meanwhile, the more steady finance and insurance was flat at 56,700 jobs, near where it has remained for the past dozen years.

Leisure and hospitality cooled, at least temporarily, its rapid comeback of the past two years. Despite only adding 900 jobs in March, it is up 38,400 jobs since March 2021, which accounts for more than half of the private sector's job gains in that time.

Professional and business services cut 900 jobs, but at 256,500 jobs, the sector was still near an alltime high. In March, administrative and waste services cut 1,800 jobs, after adding nearly as many in the prior two months.

Next Press Releases The Oregon Employment Department plans to release the March county and metropolitan area unemployment rates on Tuesday, April 19, and the next statewide unemployment rate and employment survey data for April on Wednesday, May 18.

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Employment Department News Release

Page 2 of 3

April 13, 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

February to March 2022

INDUSTRY

Total nonfarm payroll employment Total private Mining and logging Construction Manufacturing

Normal Seasonal Movement

Unadjusted Change

Seasonally Adjusted Change

7,700 7,000

100 1,000

-700

13,300 11,900

100 2,500

100

5,600 4,900

0 1,500

800

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

-200 0

-100 -200 -300

800

600 600 5,100 300 700

-200 400

-500 -400 1,100

-100

800 900 6,000 1,200 1,400

0 400

-400 -200 1,400

-900

200 300 900 900 700

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-->

Government, including public education

250,000 200,000 150,000

Professional and business services

Manufacturing Leisure and hospitality

100,000

Construction

50,000

Mining and logging

0

2017

2018

2019

Financial activities Other services

Information Educational services

2020

2021

2022

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Employment Department News Release

Page 3 of 3

April 13, 2022

Notes: All numbers in the above narrative are seasonally adjusted except for the components of construction.

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 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.

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 2021 Benchmark April 13, 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

March 2022

2,203,720 87,787 4.0 3.8

2,115,933

February 2022

2,184,960 85,488 3.9 4.0

2,099,472

March 2021

Change From February 2022

Change From March 2021

2,144,981 139,822 6.5 6.1

2,005,159

18,760 2,299 0.1 -0.2

16,461

58,739 -52,035

-2.5 -2.3 110,774

63.0

62.8

62.2

7.4

7.6

11.1

0.2

0.8

-0.2

-3.7

1,926,800 1,633,400

6,100 4,400 114,000 33,000 21,600 11,400 9,800 71,200 12,500 34,300 15,100 9,300 190,800 130,600 22,900 6,300 8,600 8,000 7,000 15,900 14,200 38,600 31,100 5,000 10,600 60,200 28,600 9,700 4,100 363,400 77,100 38,100 31,600 7,400 208,300 25,500 18,300 46,100 13,200 9,100 40,900 17,900 7,200

1,913,500 1,621,500

6,000 4,400 111,500 32,500 21,200 11,300 9,600 69,400 12,400 33,700 14,100 9,200 190,700 130,500 22,900 6,300 8,600 8,000 6,900 15,900 14,200 38,300 30,800 4,900 10,600 60,200 28,800 9,700 4,100 363,700 77,300 37,800 32,100 7,400 207,900 25,000 17,900 45,600 13,300 9,200 41,100 17,900 7,300

1,843,200 1,559,000

6,500 4,700 108,500 31,100 19,500 11,600 9,700 67,700 12,900 31,200 14,400 9,200 184,200 127,900 22,800 6,300 8,500 8,000 6,500 15,600 13,500 37,600 30,300 4,900 10,900 56,300 27,800 9,800 4,000 358,200 74,300 37,000 30,100 7,200 206,300 25,400 18,700 45,900 12,500 8,800 41,400 16,000 7,700

13,300 11,900

100 0

2,500 500 400 100 200

1,800 100 600

1,000 100 100 100 0 0 0 0 100 0 0 300 300 100 0 0 -200 0 0 -300 -200 300 -500 0 400 500 400 500 -100 -100 -200 0 -100

83,600 74,400

-400 -300 5,500 1,900 2,100 -200 100 3,500 -400 3,100 700 100 6,600 2,700 100

0 100

0 500 300 700 1,000 800 100 -300 3,900 800 -100 100 5,200 2,800 1,100 1,500 200 2,000 100 -400 200 700 300 -500 1,900 -500

March 2022

February 2022

March 2021

Change From February 2022

Change From March 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

78,000 4,700

73,300 19,400 15,200 20,100 35,600 16,000

2,400 13,600

4,300 105,800

56,500 25,700 24,200 49,300 45,400 254,700 106,600 12,000 18,600 16,900 48,600 99,500 93,500 42,300

9,400 26,500 305,600 36,700 268,900 95,700 58,100 48,600 66,500 197,900 25,200 18,800 172,700 21,700 151,000 65,000 72,500 59,500 19,500 13,700 26,300 13,700 293,400 27,000 41,800

1,100 224,600

7,600 130,400

0

78,500 4,700

73,800 19,500 15,300 20,100 36,000 16,000

2,400 13,600

4,400 104,700

56,400 25,700 23,900 48,300 44,800 254,800 105,500 11,900 18,800 17,000 48,300 101,000 95,300 43,600

9,700 26,600 303,900 35,900 268,000 95,000 58,300 49,000 65,700 191,900 24,200 18,000 167,700 21,000 146,700 62,100 70,600 58,300 19,200 13,500 25,600 13,700 292,000 26,900 41,400

1,000 223,700

7,600 129,800

0

77,600 4,700

72,900 18,800 15,600 19,100 33,900 15,600

2,400 13,200

4,700 102,700

57,000 26,300 24,500 45,700 41,000 247,200 102,700 11,700 17,400 16,800 47,800 96,700 90,700 37,900 11,000 24,600 302,200 33,100 269,100 93,900 58,600 50,800 65,800 157,700 17,900 13,800 139,800 17,300 122,500 48,400 64,000 57,900 18,500 13,300 26,100 14,000 284,200 27,800 42,200

900 214,200

7,500 122,900

0

-500 0

-500 -100 -100

0 -400

0 0 0 -100 1,100 100 0 300 1,000 600 -100 1,100 100 -200 -100 300 -1,500 -1,800 -1,300 -300 -100 1,700 800 900 700 -200 -400 800 6,000 1,000 800 5,000 700 4,300 2,900 1,900 1,200 300 200 700 0 1,400 100 400 100 900 0 600 0

400 0

400 600 -400 1,000 1,700 400

0 400 -400 3,100 -500 -600 -300 3,600 4,400 7,500 3,900 300 1,200 100 800 2,800 2,800 4,400 -1,600 1,900 3,400 3,600 -200 1,800 -500 -2,200 700 40,200 7,300 5,000 32,900 4,400 28,500 16,600 8,500 1,600 1,000 400 200 -300 9,200 -800 -400 200 10,400 100 7,500

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, selfemployed, 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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