The unemployment rate in Oregon fell to 3.7 percent in April, from 3.8 percent in March, its lowest level in more than two years.
The jobless rate is presently approaching Oregon’s all-time low of 3.4 percent, which occurred in each of the four months from November 2019 to February 2020.
Oregon and the rest of the country have seen similar trends in the last two years as their economies and labor markets have recovered from the pandemic slump.
Both saw unusually high unemployment rates of over 13 percent by April 2020, followed by a decline to less than 7% six months later.
Payroll employment patterns in Oregon and the United States have also been close, with both shedding around 14% of payroll positions between February and April 2020.
Both recovered around a third of those positions three months later, with a more gradual recovery leading up to April 2022.
However, Oregon has lagged behind the overall US job revival, recovering only 88 percent while the US regained 95 percent of jobs lost during the pandemic-induced recession.
Oregon’s seasonally adjusted non-farm payroll employment increased by 4,200 jobs in April, following a revised rise of 7,000 jobs in March.
In both March and April 2022, the US unemployment rate was 3.6 percent.
Professional and business services, on the other hand, have increased fast and consistently during the last two years.