Monday, November 17, 2008

Oregon unemployment rate hits 7.3%

From the Oregonian:

Oregon's October unemployment rate jumped to 7.3 percent in October -- the highest rate in more than four years -- as the state lost 14,100 jobs, with declines across all major sectors.
The grim seasonally adjusted figures released today showed job losses in manufacturing (4,500), professional and business services (2,800) and leisure and hospitality (2,100). None of the major industries saw job gains of more than 500, according to the Oregon Employment Department.

Manufacturing cut 5,000 jobs at a time of year when a loss of 500 is expected. High tech lost 1,200 jobs, for a total reduction of 3,100 jobs since October 2007.
"The weakness in consumer spending seems to be hitting full-service restaurants hard," the monthly report said, "with employment down 1,300 jobs since October 2007."
October's 7.3 percent unemployment rate rose from 6.4 percent in September. October's figure was the highest since August 2004, when the rate reached 7.4 percent.