Author: Mark McMullen, Andy Archuleta
Oregon’s total employment grew by 600 jobs in June—marking the fifth consecutive month of job growth. Nevertheless, job growth remains much slower than what is being seen in most states. There has been a considerable amount of volatility in the monthly job counts, but some clear patterns have emerged over the past year. The mix of jobs across services and goods producers continues to evolve post-pandemic. Over the past year, job gains have been driven by personal service industries, with health care and social services leading the way. Over the past 12 months, Oregon’s education and health services grew by 14,900 jobs. Not surprisingly, the overall pace of job creation is being held back by industries that are most sensitive to interest rates. Manufacturers, construction firms and transportation companies are being cautious in hiring. Retailers are cutting back as well. Despite slow job gains, the overall labor market remains healthy with the unemployment rate still relatively low at 4.1%. Labor force participation rates also remain strong after adjusting for the retirement of workers in the baby-boom population cohort.
Key Findings—Oregon June 2024 Employment Data
- Oregon gained 600 jobs in June, of which 500 were in the private sector. The private sector is down 5,600 jobs from June of 2023.
- The state’s total employment is just .63% higher than it was in early 2020, ranking 41st among states in employment growth since 2020.
- 7 out of 11 major sectors added jobs in June. The professional and business services sector lost 1,800 jobs in June, the highest loss of the major sectors.
- Oregon’s largest major sector, trade, transportation and utilities, lost 200 jobs in June due to losses among trucking firms and retailers.
- The state’s unemployment rate improved to 4.1% in June but remains above its 3.5% level one year ago.
- Oregon’s LFPR (labor force participation rate) remained unchanged at 63% in June.
- According to the BLS survey of establishments (CES), Oregon has never recovered to its pre-pandemic employment-to-population ratio. This is due to retirements among the baby-boom population cohort. Among the prime working-age population, employment-to-population ratios are at or near all-time highs for all demographic groups.
- According to the BLS measure of local employment (LAUS), which captures both traditional jobs and self-employment, Oregon’s employment recovered to its pre-pandemic level in September 2021 and has remained above since.
A Deeper Dive into Oregon Industries (BLS CES Survey)
- Oregon gained 600 jobs in June, of which 500 were in the private sector.
- The financial activities sector grew the most, at 800 jobs, while the professional and business services sector lost 1,800.
- The education and health services sector gained 700 jobs, its eighth consecutive month of growth.
- In Oregon, the trade, transportation and utilities sector holds the highest share of total employment, followed by the education and health services sector, which has the second highest share.
- Over the past 12 months, the education and health services sector has added 14,900 jobs, while the trade, transportation and utilities sector has lost 3,800 jobs.
- Oregon’s federal, state, and local governments gained 100 jobs in June, following a loss of 900 jobs in May.
- The state’s private sector shrank by 5,600 jobs since June 2023. Despite this decline, there has been a positive trend since January 2024, with the private sector showing a month-to-month increase in employment, culminating in the addition of 10,700 jobs.
- 7 of the 11 major sectors are below what they were in January of 2020.
- The mining and logging sector employment level is 7.46% lower than it was in January 2020.
- The education and health services sector employment level is 6% higher than its level in January 2020.
Oregon Labor Force Update
Oregon’s LFPR (labor force participation rate) remained unchanged at 63% in June. Although, the unemployment rate improved by .1 of a percentage point.
Key Findings—Oregon June ‘24 Labor Force Data (FRED)
- Oregon’s LFPR is currently 63%, 1.9 percentage points higher than in January 2020.
- Although the current LFPR is still well below its historical average, its consistent rise since 2020 is an encouraging trend. Adjusting for retirements of older workers, the LFPR is relatively healthy from an historical perspective.
- The unemployment rate slightly improved to 4.1% in June, though it remains significantly higher than its 3.5% rate from one year ago.
Data Sources
The data in this report are compiled from monthly and annual data released by the U.S. Bureau of Labor Statistics (BLS), including data from the Current Employment Statistics (CES) survey and Local Area Unemployment Statistics (LAUS). Some data are sourced directly from BLS, and others are retrieved from FRED.