According to a press release this week from the Oregon State Employment Division, the Oregon unemployment rate rose almost 2% from February to March, at a steady incline since 9 months ago when June reported 5.9%. The United States as a whole has seen a dramatic increase as well, but is currently holding steady at 8.5%.
This marks the highest unemployment rate in Oregon’s recorded history, tying with 1982, when unemployment was also at a 12.1%. To put the percentages in better perspective, it is estimated that 14,000 jobs were lost in March and a staggering 22,800 lost in February.
The OSED credits this with the laying off of many employees in 5 of the 7 largest private-sector industries, including trade, transportation, utilities, manufacturing and warehousing. This is normally the season that sees an increase in these jobs, but the OSED reports that none of Oregon’s major industries have filled a substantial number of jobs in the months since 2009 began. Other failing employment industries include construction, retail, food and beverage and professional and business services. In fact no industries in Oregon at all showed an increase in employment in March, except for government, which added 200 jobs, still shy of the average 1200 that are seasonally added.
It is estimated that the increase in layoffs are due to a decline in consumer spending because of the poor economic times. Some have commented that the silver lining in all this is noticeably less traffic congestion during rush hour on the Portland area highways, as well as fewer lines to wait in and more parking spots in once-busy shopping malls. Glass half empty or half full?
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"Some have commented that the silver lining in all this is noticeably less traffic congestion during rush hour on the Portland area highways, as well as fewer lines to wait in...."
But the unemployment lines are longer. :-(
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