Local Unemployment in July Declines to 4%

PORTLAND-The unemployment rate remained lower than the state's rate of 4.7 percent and the nation's rate of 4.2 percent.

By Brian K. Miller | Updated on August 18, 2000

Portland’s July unemployment rate declined in the face of increasing energy costs and higher interest rates nationwide.

The Portland-Vancouver area’s dropped one-tenth of a percentage point from June to 4%, according to the Oregon Employment Department’s monthly report. The unemployment rate remained lower than the state’s rate of 4.7 percent and the nation’s rate of 4.2 percent.

Total nonfarm jobs in the Portland metro area dropped by 4,500 to 963,400. The service sector added 1,900 net jobs, gaining 2,400 in business services, which includes temporary staffing, and losing 1,100 in private education.

State economists warn that layoffs in the transportation equipment industry will weaken growth in future months. Earlier this week, Freightliner announced it will lay off 770 workers in Portland.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

Dig Deeper

Portland, OR

Recommended Stories

Transaction Volumes Hit the Wall in All Property Types Last Month

Erik Sherman | March 23, 2023

Cap rates are on the rise and there’s a wave of maturing loans, plus increasing distressed sales.

Consumers Likely to Tighten Their Discretionary Spending Following Rate Hike

Richard Berger | March 23, 2023

Retailers’ joyous recovery could turn around with 2023’s unsteady economy.

Middle Market Digest: This Week in the South and Mountain Regions

Lisa Brown | August 10, 2018

Here’s a look at the trends, announcements and deals you may have missed in Texas, New Mexico, Colorado, Oklahoma and Arkansas.

Resource Center

The travel industry experienced a critical disruption with the pandemic. This white paper explores the lingering effects of the pandemic, takes a closer look at evolving traveler behavior, and analyzes what the resulting impacts are on foot traffic and surrounding businesses.

White Paper

Sponsored by Placer Labs Inc.

Navigating a New Normal in Business Travel

The travel industry experienced a critical disruption with the pandemic. This white paper explores the lingering effects of the pandemic, takes a closer look at evolving traveler behavior, and analyzes what the resulting impacts are on foot traffic and surrounding businesses.

Browse More Resources ›

This Q4 retail quarterly index report reveals how economic headwinds impacted key retail CRE categories during the critical holiday shopping season, and what their performance tells us about consumer behavior and brick-and-mortar retail in the year ahead.

Report

Sponsored by Placer Labs Inc.

The Retail Quarterly Index Report

This Q4 retail quarterly index report reveals how economic headwinds impacted key retail CRE categories during the critical holiday shopping season, and what their performance tells us about consumer behavior and brick-and-mortar retail in the year ahead.

Browse More Resources ›

Retailers faced a wide range of challenges in 2022. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023.

White Paper

Sponsored by Placer Labs Inc.

10 Top Retail Brands to Watch in 2023

Retailers faced a wide range of challenges in 2022. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. Download this whitepaper to learn which top retail CRE brands are poised for big things in 2023.

Browse More Resources ›

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2023 ALM Global, LLC. All Rights Reserved.