In October, Oregon’s seasonally adjusted nonfarm payroll employment declined by 4,600 jobs, following a revised gain of 5,500 jobs in September. October’s losses were largest in professional and business services (-1,600 jobs) and leisure and hospitality (-1,500). Three industries each cut 900 jobs: manufacturing; retail trade; and health care and social assistance. The only industry growing substantially in October was construction, which added 1,500 jobs. Professional and business services expanded slightly slower than overall employment over the past 12 months, adding 4,400 jobs, or 1.7%, compared with growth of 44,300 jobs, or 2.3%, for total nonfarm payroll employment. While most of the industry grew rapidly over this period, employment services trended downward, cutting 4,100 jobs, or 9.0%, since October 2022. Although leisure and hospitality gained 8,700 jobs, or 4.3%, in the past 12 months, the industry showed recent weakness with job declines of 300 in September and 1,500 in October. While accommodation and food services cut 2,500 jobs over the past two months, arts, entertainment, and recreation expanded in both months for a combined gain of 700 jobs. Manufacturing continued to decline, shedding 900 jobs in October. It is down 4,400 jobs, or 2.3%, in the past 12 months. Most of the cuts were in durable goods manufacturing, which is down 4,900 jobs since October 2022. In contrast, nondurable goods manufacturing added 500 jobs over the year. Construction employment surged to another record high in October, gaining 1,500 jobs. At 123,000 jobs in October, construction is up 6,000 jobs, or 5.1%, since October 2022. Health care and social assistance grew the fastest of the major industries over the past 12 months, adding 16,300 jobs, or 6.0%. Gains since October 2022 were led by social assistance and nursing and residential care facilities, which each grew by close to 8%. Oregon’s unemployment rate was 3.6% in October and 3.5% in September. October was the sixth consecutive month in which Oregon’s unemployment rate was between 3.4% and 3.7%. The U.S. unemployment rate was 3.8% in September and 3.9% in October.
