Oregon’s payroll employment shot up by 9,900 in October. Most major industries added jobs on a seasonally adjusted basis, with three showing solid strength: professional and business services (+2,700 jobs); manufacturing (+2,200); and health care and social assistance (+2,000). The gain of 9,900 was the largest monthly increase in nearly 20 years. The last time Oregon’s economy added at least this many jobs was in August 1995 when 10,400 were added.
Professional and business services accelerated its hiring trend in recent months. Its 2,700-job gain in October was the largest of the major industries. Over the past 12 months it added 12,600 jobs, which is more than one-quarter of all of Oregon’s over-the-year payroll employment gains.
Manufacturing also performed better than expected in October. Normally, manufacturing would shed 3,600 jobs at this time of year as food manufacturing firms scale back their workforce following the heavy summer harvest season. But in October, manufacturing only shed 1,400 jobs. This translated into a seasonally adjusted gain of 2,200.
Private-sector health care and social assistance added 2,000 jobs on a seasonally adjusted basis. The social assistance component in the state of Oregon has been growing the fastest over the course of the year, adding 1,800 jobs or 5.3 percent since October 2013.
Oregon’s unemployment rate remained at 7.0 percent in October. Despite October’s strong job growth, the unemployment rate didn’t fall because more and more Oregonians are entering the labor force and looking for work.
For help finding jobs and training resources, visit one of the state’s WorkSource Oregon Centers or go to: www.WorkSourceOregon.org.