Oregon’s unemployment rate rose to 4.1% in October, from 3.8% in September.
A release from the State of Oregon Employment Department said it was above the recent low of 3.5% reached in May, June and July. October was the first month the state’s rate was above 4% since January, when the rate was 4.2%. Meanwhile the U.S. employment rate rose from 3.5% in September to 3.7% in October.
State Employment Economist Gail Krumenauer said in Oregon, nonfarm payroll employment rose by 5,200 jobs in October, following a loss of 500 jobs in September. The largest gains in October were 2,500 jobs in financial activities, 1,100 in manufacturing and in health care and social assistance, 800 in leisure and hospitality, and 700 in construction. Krumenauer said those gains were partially offset by losses of 700 in retail trade and 600 in government.
OED’s release said Oregon’s private sector added 5,800 jobs in October, reaching another all-time high of 1,682,300. This was 10,600 jobs or 0.6%, above this sectors pre-recession peak in 2020.
Financial activities added 2,500 jobs in October, bouncing back from job declines totaling 1,600 between June and September. Job gains last month were strongest in real estate, and rental and leasing, which added 1,900, as rental centers and lessors of buildings and dwellings added workers.
OED said construction continued its rapid expansion of the past 12 months, when it added 8,800 jobs, or 7.9% growth. It employed 120,900 in October, another record high, which was well above construction’s pre-recession total of 112,300 in February 2020.
In contrast to the rapid growth of many of Oregon’s industries, retail trade trended downward this year. It employed 208,500 in October, which was a loss of 2,900 jobs during the first 10 months of the year.
Since October 2021, general merchandise stores have cut 2,300 jobs, which was the most of the retail component industries. Two other retail industries shedding jobs over the year included motor vehicle and parts dealers, which lost 900 jobs, and building materials and garden supply stores which lost 800 positions.