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Employment Dept. News & Information
Oregon Employment Department

Oregon's unemployment rate rises slightly in February
03/20/2006
Contact:  David Cooke
Economist
(503) 947-1272
 
Oregon’s Employment Situation: February 2006
 
Oregon’s seasonally adjusted unemployment rate was essentially unchanged at 5.6 percent in February compared with 5.3 percent in January. Despite the uptick, the rate was in line with the declining trend in the state’s unemployment rate over the past two years. February’s rate was well below the February 2005 reading of 6.4 percent.
 
At the national level, the U.S. unemployment rate was 4.8 percent in February, about the same as the 4.7 percent reading in January. The U.S. rate has also been on a generally declining trend for more than two years.
 
Oregon’s seasonally adjusted nonfarm payroll employment saw strong growth of 4,200 in February. The January figure was revised up substantially to show a gain of 8,100 jobs for the month.
 
 
Industry Payroll Employment (Establishment Survey Data)
Oregon has seen rapid employment growth since the economic expansion began in late 2003. Since the end of the economic downturn in July 2003, seasonally adjusted payroll employment has grown by 132,300 jobs or 8.4 percent. Recent job gains have accelerated. Over the past four months, an average of 6,100 jobs per month have been added. This job growth is faster than the average monthly gain of 3,800 during the first half of last year.
 
In February, job gains of 1,000 or more above seasonal expectations showed up in three major industries: construction (+1,000), financial activities (+1,900), and educational and health services (+3,500). Conversely, only one major industry saw a job decline of that magnitude: trade, transportation, and utilities (-1,400).
 
  • Construction continued its boom by adding 1,200 jobs at a time of year when only 200 are expected due to seasonal factors. Gains in heavy and civil engineering construction were especially strong in February, growing by 900 over the month.
 
  • Financial activities gained 1,900 jobs in February after a drop of 500 in January. This sector has grown rapidly over the past year, adding 5,900 jobs since February 2005. High volumes of residential mortgage activity, an accommodative federal monetary policy, strong corporate profit growth, along with strong regional economies in the metropolitan areas of the state have all been increasing demand for financial services.
 
  • Educational and health services bounced back from a January dip of 800 jobs (seasonally adjusted) to post a gain of 3,500 in February. Private sector education has added 3,600 jobs over the past 12 months, a gain of more than 12 percent. Meanwhile, the health care and social services sector has added 7,700, or 4.6 percent during that time. Like the overall employment picture, growth in educational and health services appears to be accelerating.
 
  • Manufacturing added 800 jobs on a seasonally adjusted basis in February. Oregon’s manufacturing employment has increased at one of the fastest rates of any state over the past two years. Over the past 12 months it is up by 7,100 jobs, or 3.6 percent. Much of the strength during the recent winter months can be attributed to the food manufacturing industry, which at 21,500 jobs in February was 1,700 above its year-ago level. This winter may not be reflective of elevated upcoming spring and summer levels, as food manufacturing has shown peak summer employment on a general decline over the past seven years. Several manufacturing sectors have seen modest job gains in the past 12 months, including wood products, primary metals, machinery, computer and electronic products, transportation equipment, and plastics and rubber products.
 
  • Trade, transportation, and utilities was the lone major industry sector to post a substantial job loss in February. It cut 3,300 jobs, when a drop of 1,900 would be expected due to seasonal factors. The one-month drop came on the heels of a strong January reading. Over the longer term, the sector is growing rapidly. It gained 11,700 jobs, or 3.7 percent, since February 2005. Wholesale trade and retail trade have been particularly strong over the past 12 months, as each are up more than 4 percent during that time.
 
Unemployment (Household Survey Data)
Oregon’s seasonally adjusted unemployment rate was 5.6 percent in February and 5.3 percent in January. The January reading was the lowest for the state since January 2001, when the rate was 5.2 percent. The February reading of 5.6 percent was essentially the same as the past few months, and down substantially from the year-ago figure of 6.4 percent. In February, 122,171 Oregonians were unemployed, compared with 137,416 in February 2005.
 
The Oregon Employment Department will release statewide unemployment rate and employment survey data for March 2006 at 11 a.m. on Monday, April 17, 2006.
 
— 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.
 
 
Page updated: March 05, 2007

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