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Jobless Rate Falls To Lowest Point In Five Years
Oregon’s unemployment rate dropped to 7.3 percent in November from 7.6 percent, in October.The Oregon Employment Department reports that November marked Oregon’s lowest unemployment rate since September 2008, when the rate was 7.2 percent. Rapid declines in Oregon’s unemployment rate over the past three months have put Oregon’s rate closer to the national rate, which dropped to 7.0 percent in November.
Oregon’s unemployment rate is declining primarily because the number of unemployed is dropping. In November, there were 130,896 Oregonians unemployed compared with 156,298 a year earlier. This drop of 25,402 individuals has been good news for many families in the state and for many sectors of Oregon’s economy.
November Labor Market Highlights:
* Oregon’s unemployment rate declined to 7.3 percent in November, the lowest since 7.2 percent in September 2008.
* Oregon’s nonfarm employment rose 5,400, which was the 12th month of job gains out of the last 14 months.
* Retail trade accelerated its hiring trend as food stores, auto dealers, and holiday hiring were all strong.