Experts:
October 22, 2024
Oregon’s job market remained resilient in September 2024, posting another month of steady job growth. After a soft start to the year, job gains have picked up again, though Oregon’s employment growth remains below the national average of 0.16%. The state’s unemployment rate remained steady at 4% in September, consistent with the previous month, maintaining its stable trajectory for nearly a year.
This month’s performance reflects both challenges and opportunities across various sectors. Industries like trade, transportation, utilities, and manufacturing led the way with notable gains, while sectors such as construction and financial activities faced significant hurdles. The ongoing high interest rates have particularly impacted these interest-sensitive industries throughout the year.
With the Federal Reserve’s recent rate cut offering some relief, Oregon’s job market is expected to benefit in the coming months, gradually alleviating pressures on sectors with slower growth. However, the full effects of these monetary policy changes may take time to materialize, especially for industries tied to consumer spending and construction.
Key Findings—Oregon September 2024 Employment Data
A Deeper Dive into Oregon Industries (BLS CES Survey)
Oregon Labor Force Update
Oregon’s Labor Force Participation Rate (LFPR) held steady at 63%, and the unemployment rate remained unchanged at 4% in September.
Key Findings—Oregon September ‘24 Labor Force Data (FRED)
- Oregon’s Labor Force Participation Rate is currently at 63%, up 1.9 percentage points from January 2020.
- While the LFPR saw a significant drop in 2020, its steady recovery since then is promising, now reaching its highest level since 2012.
- The unemployment rate held steady at 4% in September, which is nearly unchanged from the 3.9% rate observed a year ago.
Data Sources
The data in this report are compiled from monthly and annual data released by the U.S. Bureau of Labor Statistics (BLS), including data from the Current Employment Statistics (CES) survey and Local Area Unemployment Statistics (LAUS). Some data are sourced directly from BLS, and others are retrieved from FRED.