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Oregon unemployment rate drops to 7.3 percent
Oregons seasonally adjusted unemployment rate dropped to 7.3 percent in November from 7.6 percent, as revised, in October. November marked Oregons lowest unemployment rate since September 2008, when the rate was 7.2 percent.
Rapid declines in Oregons unemployment rate over the past three months have put Oregons rate closer to the national rate. The U.S. unemployment rate, which dropped to 7 percent in November, has also declined recently, but at a slightly slower pace.
Oregons unemployment rate is declining primarily because the number of unemployed is dropping. In November, there were 130,896 Oregonians unemployed, compared with 156,298 a year earlier. This drop of 25,402 individuals has been good news for many families in the state and for many sectors of Oregons economy.
Retail trade accelerated its hiring trend as food stores, auto dealers and holiday hiring were all strong.
Coupled with recent declines in Oregons unemployment rate, gains in nonfarm payrolls have accelerated.