Oregon`s Unemployment Rate Continues to Decline

The U.S. unemployment rate was 4.7 percent in March, about the same as the 4.8 percent reading in February, and tied with January as its lowest level since July 2001 when the rate was 4.6 percent.

Salem-News.com

(PORTLAND) - Oregon`s seasonally adjusted unemployment rate in March was essentially unchanged at 5.5 percent, from 5.6 percent in February. In March it continued a declining trend over the past two years and dropped well below the year-ago reading of 6.2 percent.

Oregon`s seasonally adjusted nonfarm payroll employment saw strong growth of 6,500 jobs in March, after a gain of 2,600 in February.

Industry Payroll Employment (Establishment Survey Data)

In March, two major industries � construction (+1,900 jobs) and educational and health services (+2,300) � posted seasonally adjusted job gains of close to 2,000, while another two � financial activities (+1,200) and other services (+1,100) � added about half that amount. One major industry saw a substantial loss; trade, transportation, and utilities slipped by 1,000 jobs on a seasonally adjusted basis.

Construction continued to expand rapidly and reached a record level for the time of year. It gained 1,700 jobs, when a loss of 200 is the typical March trend. The March increase followed a seasonally adjusted gain of 1,200 in February. The sector had 19 straight months of increasing seasonally adjusted employment, averaging 900 new jobs per month over that time.

In March, construction job gains were widespread, notably in specialty trade contractors (+1,300) and construction of buildings (+900). Heavy and civil engineering construction (-500) was the only component to lose jobs.

Educational and health services added 2,000 jobs in March when it typically sheds 300. Private-sector educational services added 1,000 jobs as did health care and social assistance. Within the latter, nursing and residential care facilities posted a strong gain of 900. Educational and health services added 11,900 jobs over the year.

Financial activities performed well in March. While it typically loses 200 jobs in March, last month it added 1,000. The industry added 6,000 jobs over the prior 12 months. As in February, finance and insurance provided most of this growth by gaining 700 jobs. Real estate, rental, and leasing added 300.

Other services added 1,400 jobs in March, when a gain of 300 is typical. In the past 12 months, it`s added 2,500. Personal and laundry services gained 700 jobs in March, membership associations and organizations was up 400, while repair and maintenance added 300.

Trade, transportation, and utilities gained only 300 jobs in March, when growth of 1,300 is the normal seasonal trend for the month. In March, wholesale trade cut 500 jobs, while retail trade added 1,100. Motor vehicle and parts dealers (+500) and clothing and clothing accessories stores (+500) led growth in retail trade. Other strong performers were sporting goods, hobby, book and music stores (+400) and food and beverage stores (+400). Up 5.4 percent over the prior 12 months, building material and garden supply stores added a modest 300 jobs in March thanks to an early hiring surge, which bumped up February levels by 1,000. Down by 800 jobs, miscellaneous store retailers � which includes florists, used merchandise stores, and pet stores � was the notable loser in this sector. Since March 2005, employment in retail trade is up 7,600, or 4.1 percent.

Unemployment (Household Survey Data)

Oregon`s seasonally adjusted unemployment rate was 5.5 percent in March and 5.6 percent in February. The rate has been essentially the same during the past few months. The March rate was down substantially from the year-ago figure of 6.2 percent. In March, 113,857 Oregonians were unemployed, compared with 127,381 in March 2005.