New Search
OREGON ECONOMIC OUTLOOK <br /> Growth in Oregon's job markets began to Oregon's manufacturing sector <br /> slow in the second quarter of 2007, following demonstrated continued weakness, with a <br /> <br /> the dramatic gains of 2005 and 2006. decline of 4.3 percent during the first quarter <br /> Although job growth for the first quarter of of 2008. Durable goods manufacturing <br /> 2007 came in at a 2.6 percent annual rate, continues to struggle, with employment <br /> subsequent quarterly growth dropped off declining nearly 6.7 percent in the first <br /> considerably from this pace. Nevertheless, quarter. While Metals & Machinery showed <br /> <br /> this slow growth of less than 1.0 percent kept a 2.7 percent increase in jobs during the first <br /> alive Oregon's streak of 19 consecutive quarter of 2008, helped by expanding exports, <br /> quarters of job gains. Overall, Total Non- other durable goods industries did not <br /> Farm Employment rose by just 1.7 percent perform as well. Employment in Computers <br /> in 2007. & Electronics, Wood Products, and <br /> Transportation Equipment manufacturing <br /> Although growing at a sluggish rate, total all experienced job losses in excess of 5.0 <br /> employment in Oregon continues to grow percent. Non-durable manufacturing, led by <br /> more rapidly than the U.S. average, as shown the state's Food manufacturing sector, <br /> in Figure 1 below. While both the U.S. and performed better with a first quarter gain of <br /> Oregon are expected to experience anemic 2.3 percent. Going forward, job levels for the <br /> growth in total employment during 2008, state's manufacturing sector as a whole are <br /> Oregon's 0.6 percent growth will slightly expected to continue a slow decline into 2009. <br /> outpace the national average of 0.2 percent. Average growth of approximately 0.6 percent <br /> An average annual growth rate of 1.4 percent is anticipated for 2010 through 2015. <br /> is expected for Oregon between 2009 and <br /> 2015, while national employment is expected The non-manufacturing sector performed <br /> <br /> to grow at just 1.0 percent during the same better in recent quarters. Overall, private non- <br /> <br /> period. manufacturing jobs increased 2.4 percent <br /> during the first quarter of 2008. Health <br /> Figure 1: Oregon and U.S. Employment Services and Professional & Business <br /> Trends Services posted the largest j ob gains, 7.7 and <br /> 6.1 percent respectively. Retail Trade <br /> ° <br /> ° showed job growth of 4.9 percent while <br /> 4°% Wholesale Trade and Leisure ~ Hospitality <br /> 0 2°,° ~ grew about 3.0 percent. Job gains of less that <br /> 2~0- ~ 2.0 percent occurred in the Education <br /> 0% v <br /> 1~8- ~ Services, Information, Financial Activities, <br /> Q <br /> W 1.6_ 2% ~ and Transportation, Warehousing & <br /> Utilities industries. The only industries in the <br /> 1.4- <br /> non-manufacturing sector that suffered job <br /> 1.2 _ losses were Construction and Natural <br /> 1990 1995 2000 2005 2010 2015 <br /> 0 Oregon Employment Oregon -Percentage Change Resources & Mining, with declines of 13.2 <br /> -U.S. -Percentage Change and 18.2 percent, respectively. This slowing <br /> in the growth of non-manufacturing <br /> employment reflects declining consumer and <br /> business sentiment as the economy plows <br /> 3 <br /> <br />