Oregon's unemployment rate dropped to its lowest point on record last month, 4.0 percent, according to preliminary numbers out Tuesday.
The state has comparable records dating back 42 years and Oregon's jobless rate has never been this low.
But Tuesday's number is preliminary – Oregon reported lower, record-setting jobless rates in a few months during 2017, then revised them slightly upward at the end of the year. The same could happen with the new June data.
Regardless, Tuesday's numbers are just one of several economic measures that underscore Oregon's long, steady economic growth and unusually strong job market. Other positive indicators from the Oregon Employment Department include:
- The number of part-time workers who would rather have full-time jobs is also at its lowest point since record-keeping began in 2002.
- Another measure of Oregon's jobless rate, the U-6 or "underemployment" rate, was 7.8 percent in June – also the lowest point in at least 16 years.
- The number of long-term unemployed – people who have been looking for work for at least 27 weeks – is now under 7,000. That's also the lowest point on record and compares with more than 100,000 Oregonians coping with long-term unemployment in 2010 in the aftermath of the Great Recession.
Oregon's economic growth has slowed as the job market neared what economists call "full employment." The state has added 31,400 jobs in the past 12 months, a growth rate of 1.6 percent. That compares with annual growth of 3.7 percent three years ago.
And a growing number of Oregon employers report they're struggling to find qualified candidates to fill job openings. Some economists say that is hurting businesses and slowing economic growth.
But Josh Lehner, a state economist for Oregon, sees the difficult hiring environment as yet another sign of economic health that should translate into higher wages.
"The pattern of job vacancies overall reflects a strong economy in which businesses are having a harder time filling positions, but at least not yet due to legitimate labor market problems," Lehner wrote in an analysis last week. "Oregon's working-age population continues to grow, in large part due to migration trends."
-- Mike Rogoway | twitter: @rogoway | 503-294-7699