January 23, 2025
OREGON JOBS AND LABOR FORCE – December 2024 UPDATE
Widespread Employment Declines in Oregon
In December 2024, Oregon’s employment landscape was marked by significant declines across most sectors. Total nonfarm payroll employment fell by 4,922 jobs, with nine out of eleven major sectors reporting losses. Manufacturing experienced the largest decline, shedding 1,876 jobs, followed closely by the construction sector, which lost 1,814 jobs. Other sectors facing notable reductions included leisure and hospitality, financial activities, and professional and business services.
Despite the widespread losses, the education and health services sector added 1,978 jobs, driven by growth in social assistance and nursing and residential care facilities. The trade, transportation, and utilities sector also saw a modest increase, adding 1,791 jobs. While Oregon’s labor force participation rate remained steady at 63%, the unemployment rate rose to 4.1%, highlighting ongoing challenges in the state’s labor market.
Amid these employment shifts, wage dynamics in Oregon have evolved significantly over the past five years. Between 2019 and 2024, annual average wages increased by 17%, driven by substantial growth in key sectors. The federal government led the way with a 32.65% increase, followed by the information sector at 28.64%. Other sectors such as leisure and hospitality (31.30%) and natural resources and mining (26.52%) also saw remarkable gains, reflecting expanding economic opportunities in these industries.
However, wage growth varied significantly across sectors. Financial activities saw the slowest increase at just 6.03%, highlighting notable disparities. The most substantial gains were driven by government and private industries such as leisure and hospitality and information.
Key Findings—Oregon December 2024 Employment Data
A Deeper Dive into Oregon Industries
Key Findings—Oregon December ‘24 Labor Force Data
- Oregon’s labor force participation rate (LFPR) stands at 63%, an increase of 1.9 percentage points since January 2020.
- The unemployment rate (seasonally adjusted) increased to 4.1% in December.
Data Sources
The data in this report are drawn from key sources, including the U.S. Bureau of Labor Statistics (BLS) Current Employment Statistics (CES) survey, Local Area Unemployment Statistics (LAUS), and the State of Oregon Employment Department’s Current Employment Estimates. The State of Oregon Employment Department’s Current Employment Estimates are used to refine and update preliminary estimates and calculate growth rates. Additional data are retrieved from FRED.