Tuesday, March 3, 2015

Oregon January Unemployment Falls to 6.3% on 7,600 New Jobs

The jobs picture continues to brighten in Oregon with January's numbers showing a robust increase of 7,600 new jobs on a seasonally adjusted basis.  The unemployment rate fell to 6.3% due to a combination of the new jobs as well as a slight dip in the work force (job seekers).

From the state report:

Putting Oregon’s employment growth into perspective, the rate of growth has steadily accelerated over the past few years: jobs grew 1.4 percent in 2012, 2.4 percent in 2013, and 3.3 percent in the past 12 months. This most recent over‐the‐year growth of 3.3 percent is the fastest pace since June 2006. Other than brief periods during 2004 through 2006, the last time Oregon jobs grew faster was the four‐year period ending in July 1997 when Oregon averaged 4.0 percent growth. 
It is finally feeling like we are well and truly out from the woods so to speak but there are still plenty of storm clouds - Europe is struggling, China growth is slowing, Brazil is tanking and climate change is real and starting to create real economic impacts.  Still, the fact that the U.S. economy is rebounding strongly despite all of these external factors is a real confirmation of the aggressive and innovative response to the economic crisis by the Fed and the Government in my view.

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