Oregon’s Unemployment Rate Hits Lowest Level Since Pre-Pandemic

SALEM, Ore. – Oregon’s unemployment rate continues to drop.

The Oregon Employment Department says it was down from 4.2 percent in January to 4.0 percent in February.

That’s the lowest level since prior to the pandemic-induced recession.

Here’s more from the OED:

In February, Oregon’s nonfarm payroll employment rose by 12,300 jobs, following a revised gain of 5,100 jobs in January. This was the largest monthly gain since July 2021 when 34,800 jobs were added.

In February, gains were largest in leisure and hospitality (+3,500 jobs), construction (+2,300), health care and social assistance (+1,600), and professional and business services (+1,200). Eight other industries each added between 200 and 900 jobs. None of the major industries had a substantial job loss in February.

Leisure and hospitality rapidly added jobs all of this year and last year. It added 51,700 jobs, or 34.4%, since February 2021. Despite these gains, leisure and hospitality still accounts for a large share of the jobs Oregon has not recovered since early 2020, with 14,600 jobs left to recover to reach the prior peak month of February 2020. The industry has regained 87% of jobs lost early in the pandemic.

Construction reached another record high of 116,100 jobs in February. Mild weather in mid-February allowed roofers and other contractors to get jobs done that may have been postponed in more inclement winters.

Professional and technical services employed 106,000 in February and continued its rapid expansion. It added 4,700 jobs, or 4.6%, since its pre-recession peak in February 2020.

 

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