Monday, December 15, 2008

Oregon unemployment rate jumps to 8.1%

From the Oregonian:

Oregon's unemployment rate shot up again in November -- to 8.1 percent -- a level not seen since 2003 during the last recession.
The jump of 9/10ths of a percentage point in the seasonally adjusted rate surprised economists, who noted that it far exceeded the 2/10ths jump in unemployment for the nation as a whole last month.
Economists said today they don't expect Oregon's numbers to improve anytime soon, given other indicators.

"It's unlikely that we would see substantial downturns in the unemployment rate for December," said David Cooke, an Oregon Employment Department economist.
The last time Oregon unemployment was 8.1 percent or higher was September 2003, when the rate was 8.2 percent. State unemployment peaked at 8.5 percent during the last recession, in both June and July of that year.