In November, Oregon’s seasonally adjusted nonfarm payroll employment declined by 7,300 jobs, following a revised loss of 4,300 jobs in October. November’s losses were largest in professional and business services (-2,900 jobs); construction (-1,700); leisure and hospitality (-1,500); financial activities (-1,300); and information (-1,000). The only industry growing substantially in November was health care and social assistance, which added 2,400 jobs. Professional and business services expanded slower than overall employment over the past 12 months, adding 3,000 jobs, or 1.1%, compared with growth of 39,600 jobs, or 2.0%, for total nonfarm payroll employment. While most of the industry grew over this period, employment services trended downward, cutting 3,500 jobs, or 7.7%, since November 2022. Construction rose rapidly during most of the past two years. November’s drop of 1,700 jobs was preceded by big gains totaling 5,700 jobs during January through October. Although leisure and hospitality gained 6,800 jobs, or 3.4%, in the past 12 months, the industry showed recent weakness by cutting 2,900 jobs between August and November. Government added 500 jobs in November and was up 10,200 jobs, or 3.4%, in the past 12 months. It has consistently expanded over the past three years. In November, local government reached a record high of 234,200 jobs, adding 6,900 jobs in the past 12 months. Health care and social assistance grew the fastest of the major industries over the past 12 months, adding 17,900 jobs, or 6.5%. Gains during that time were led by social assistance and nursing and residential care facilities, which each grew by close to 8.5%. Oregon’s unemployment rate was 3.6% in both October and November. November was the seventh consecutive month in which Oregon’s unemployment rate was between 3.4% and 3.7%. The U.S. unemployment rate was 3.9% in October and 3.7% in November.
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