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| May 2008 Statewide Unemployment Rate | ||
| 06/16/2008 | ||
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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: May 2008 Oregon’s seasonally adjusted unemployment rate was 5.6 percent in May and the revised figure for April was 5.4 percent. The U.S. seasonally adjusted unemployment rate rose to 5.5 percent in May from 5.0 percent in April. In May, Oregon’s seasonally adjusted nonfarm payroll employment declined 3,700, following a revised loss of 300 jobs in April. Industry Payroll Employment (Establishment Survey Data) In May, total seasonally adjusted payroll employment dropped by 3,700, the third consecutive monthly decline. Payroll employment stood at 1,735,200, the lowest level since 1,735,100 in October 2007. In May, four major industries posted sizeable seasonally adjusted job declines: construction ( 1,600 jobs); manufacturing (-2,300); trade, transportation, and utilities (-1,600); and professional and business services (-1,000). Only one major industry posted a substantial seasonally adjusted monthly gain: educational and health services (+3,500 jobs). Construction continued to trend downward, with a seasonally adjusted job loss of 1,600 in May. The industry reached a peak in July 2007, when 105,800 were employed. The May figure of 96,400 indicates that 9,400 jobs were cut during that 10-month period, a decline of 8.9 percent. Looking at construction jobs prior to seasonal adjustment, residential building construction was down 600 jobs in May and down 2,600 since May 2007. Specialty trade contractors shed 800 jobs and this sector is down 6,100 in the past 12 months. Heavy and civil engineering construction was the exception as it added 1,600 jobs in May. Manufacturing cut 1,400 jobs when a gain of 900 was expected due to seasonal factors. Most components within durable goods shed jobs in May. Wood product manufacturing cut 300 jobs, and was down 2,600 since May 2007. Computer and electronic product manufacturing shed 500 jobs and is down 1,900 over the past 12 months. Transportation equipment manufacturing cut 400 jobs in May. The exceptions in durable goods were the metals industries, where employment was essentially unchanged. Trade, transportation, and utilities was flat when a gain of 1,600 jobs is the norm for May. This weakness was led by retail trade, which was down 500 jobs. Retail was down 3,200 jobs on a seasonally adjusted basis since February. Losses were substantial in motor vehicle and parts dealers, which is down 1,600 jobs since May 2007. Reductions in demand for heavier and less fuel efficient passenger vehicles at the national level are likely to be hurting sales in Oregon as well. Building materials and garden supply stores no doubt are affected by housing trends. This industry added 300 jobs in May, but is at the same employment level as in May 2007. Professional and business services trended below its typical pattern, with a gain of only 100 jobs in May, when a gain of 1,100 is the normal seasonal pattern. This industry sector had trended downward for two months following rapid gains in October through February. One of the three large component industries, professional and technical services, showed a sharp decline in May, losing 2,100 jobs. Architectural and engineering services was estimated to be down 400 jobs for the month and has dropped by 1,000 jobs since reaching its peak in November, following rapid gains during the housing boom of the prior four years. Legal services continued its long-term trend, adding 300 jobs or 2.4 percent since May 2007. Educational and health services added 1,400 jobs in May, when a loss of 2,100 is the norm for the month. Social assistance shot up 1,200 jobs, and is up 2,800 jobs in the past year, as many firms expanded in vocational rehabilitation, individual and family services, and services for the elderly and disabled. Also growing employment rapidly over the past 12 months have been private sector educational services (+1,100 jobs), ambulatory health care services (+3,400), hospitals (+2,100), and nursing and residential care facilities (+1,000). Unemployment (Household Survey Data) Oregon’s seasonally adjusted May unemployment rate of 5.6 percent was significantly above the lowest level over the past several years, which was reached early last year, when the rate was 5.0 percent. The April unemployment rate was revised downward by one tenth of a point to 5.4 percent from the preliminary figure reported in last month’s press release. With the national unemployment rate rising to 5.5 percent in May, Oregon’s unemployment rate, at 5.6 percent, was only one tenth of a point higher than the U.S. rate. Although Oregon’s rate has been higher than the U.S. rate for many years, the gap has been narrowing and now the difference between the two is not statistically significant. The Oregon Employment Department will release statewide unemployment rate and employment survey data for June 2008 at 11 a.m. on Monday, July 14, 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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