Unemployment rate improves, as Oregon recovers 90% of jobs lost during pandemic

By Rob Manning (OPB)
April 13, 2022 9:29 p.m.

The state unemployment rate improved to 3.8% in March, nearing the state record set before the pandemic.

The steady improvement of Oregon’s job picture continued in March, with the unemployment rate falling to 3.8%, down from 4% in February. That low rate is creeping closer to Oregon’s record-low unemployment rate before the COVID-19 pandemic, when it was 3.4%.

State employment officials are reporting a gain of 5,600 nonfarm jobs last month, on top of a revised addition of 9,700 jobs the month before.

THANKS TO OUR SPONSOR:

The improvement in the job picture continues a rebound since the jobless rate spiked two years ago when businesses shuttered due to the pandemic. Employment economist Gail Krumenauer said jobs are almost all the way back to pre-COVID numbers.

“Oregon has regained about nine out of 10 jobs that were lost in the pandemic recession — that’s similar to the U.S.,” Krumenauer said in a video posted Wednesday by the Oregon Employment Department.

The strongest job growth is in the construction and financial activities sectors, which together accounted for 2,900 of the new jobs in March.

The state employment department’s announcement of the job numbers pointed out two recent trends: a “hot real estate sector” and a leisure and hospitality sector that has “cooled, at least temporarily.”

The OED release said that “real estate and rental and leasing” was responsible for all of the growth in the broader finance sector, adding 1,400 jobs in March. Economists said leisure and hospitality’s gain of 900 jobs reflects a slowdown, considering the sector has brought back more than 38,000 jobs since March 2021, when the state’s seasonally-adjusted jobless rate was much higher at 6.1%.

THANKS TO OUR SPONSOR:
THANKS TO OUR SPONSOR:

Become a Sustainer now at opb.org and help ensure OPB’s fact-based reporting, in-depth news and engaging programs thrive in 2025 and beyond.
We’ve gone to incredible places together this year. Support OPB’s essential coverage and exploration in 2025 and beyond. Join as a monthly Sustainer now or with a special year-end contribution. 
THANKS TO OUR SPONSOR: