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| Oregon statewide unemployment rate - August 2008 | ||
| 09/15/2008 | ||
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CONTACT: David Cooke, economist WorkSource Oregon Employment Department (503) 947-1272 David.C.Cooke@state.or.us Oregon’s Employment Situation: August 2008 Oregon’s seasonally adjusted unemployment rate rose from 5.9 percent in July to 6.5 percent in August. The U.S. seasonally adjusted unemployment rate rose from 5.7 percent in July to 6.1 percent in August. In August, Oregon’s seasonally adjusted nonfarm payroll employment fell by 7,400, following a revised gain of 5,200 in July. Industry Payroll Employment (Establishment Survey Data) In August, total seasonally adjusted payroll employment dropped by 7,400, following a revised gain of 5,200 in July. This economic measure has declined 3,400 jobs or 0.2 percent since August 2007. In August, four major industries posted substantial seasonally adjusted job losses: construction ( 1,000 jobs); trade, transportation and utilities (-3,600); financial activities (-1,300); and professional and business services (-1,400). Meanwhile, educational and health services added 700 jobs and was the only major industry sector to post a substantial monthly job gain. Construction added only 700 jobs in August, when a gain of 1,700 is the normal seasonal pattern. Heavy and civil engineering construction was the only component within construction to add a substantial number of jobs in August; it was up 400. In the past 12 months, construction has declined by 11,300 jobs or more than 10 percent. Trade, transportation, and utilities cut 2,800 jobs in August, when a gain of 800 is the normal seasonal pattern. This put the sector’s seasonally adjusted employment at 338,400 jobs, down 5,500 or 1.6 percent from its peak level reached in February. In August, seasonally adjusted employment dropped by 2,300 in retail trade and by 1,100 in wholesale trade. In the past 12 months, retail is down 1,900 jobs or 0.9 percent. Wholesale trade is close to its employment levels of two years ago. Financial Activities continues to reduce payrolls as it has over the past year and a half, with a loss of 1,700 jobs in August. Employment in real estate was down 900 for the month and off by 2,100 jobs over the past 12 months. The continued downturn in housing weighed on the finance sector as credit intermediation and related activities was essentially flat in August and down 1,900 jobs or six percent in the past 12 months. Professional and business services cut 800 jobs during a month in which a gain of 600 is the norm. Monthly employment movements in this industry have been erratic for much of the year, but over the past year the longer-term trend has been one of no growth but no decline. Architectural and engineering services, a component industry, has cut 500 jobs over the year, no doubt negatively affected by the downturn in building construction. Employment services, the closely watched harbinger of business cycle trends, added 600 jobs in August but is down 1,700 since August 2007. Educational and health services continued its trend as the strongest major industry by adding 1,700 jobs in August, besting its normal gain of 1,000 for the month. Each of the four component industries within health care and social assistance recorded August job gains. Government came in about as expected in August with a loss of 1,600 jobs for the month. However, more complete data for July caused us to revise government’s estimates upward substantially to now show a seasonally adjusted gain of 5,800 for July. Unemployment (Household Survey Data) In August, Oregon’s seasonally adjusted unemployment rate rose by six tenths of a percentage point in one month to reach 6.5 percent. This put the state’s rate at its highest level since January 2005 when the rate was also 6.5 percent. Since reaching a recent low of 5.0 percent in February through April 2007, Oregon’s rate has risen by one and a half percentage points. In August 123,116 Oregonians were unemployed, an increase of 25,754 compared with August 2007 when 97,362 were unemployed. The Oregon Employment Department will release statewide unemployment rate and employment survey data for September 2008 at 11 a.m. on Monday, October 13, 2008. — end —
For the complete version of the news release, including tables and graphs, visit: www.QualityInfo.org/pressrelease. For help finding jobs and training resources, visit one of the state's WorkSource Oregon Centers or go to: www.WorkSourceOregon.org. Equal Opportunity program — auxiliary aids and services available upon request to individuals with disabilities. |
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