Oregon’s Unemployment Rate in March at Record Low of 4.5Percent
In March, the unemployment rate of Oregon fell to a record low of 4.5 percent. It is the lowest point from the time when comparable records started in 1976.
The February unemployment rate at the state was 4.8 percent. And in March 2015, the state had a jobless rate of 5.7 percent. The average U.S. unemployment rate in March was 5.0 percent and that puts Oregon half a percentage point lower in the unemployment rate. It was way back in 1995, that Oregon's unemployment rate was half a percentage point lower than the average U.S. rate.
The total number of people employed in Oregon in March was 1.94 million which is comparatively much higher from 1.84 million last year same time. The gain in employment numbers is the main indication that Oregon's labor force has an increased participation rate that shot up in March to 62.3 percent compared to a recent low of 60.8 percent last year.
Nick Beleiciks, a state employment economist said, "Rapid job growth and a historically low unemployment rate mean that Oregon's labor market is stronger than it's been in decades. Businesses are raising wages to attract the help they need, and it's working because people are flocking to Oregon's labor force."
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