After a brief pause, the unemployment rate in Oregon rose to 12.4% in May. This surpasses the worst unemployment during the early eighties recession when unemployment rose to 12.1% in 1982. Interestingly, leisure and hospitality, trade and transport, and construction were bright spots. Construction may be partly due to state and federal spending on projects.
Unfortunately the labor force actually shrunk between April and May, reversing a recent trend (perhaps people fleeing for other states?), but the number of employed fell faster.
The rate of decline is clearly moderating, but we have not hit bottom yet.
No comments:
Post a Comment