Economic Indicators- May Edition

Source: State of Oregon Employment Department

Summary of May Economic Data

  • The unemployment rate for Portland reached 14% in April. A record stretching back decades. Though slightly below the US (14.4%) and Oregon (14.8%) rates.
  • Multnomah County relatively harder hit with a 15.7% unemployment rate.
  • Official Oregon forecast sees high unemployment rate for years. Only dropping to 10 percent at the end of 2022.
  • More than 12 percent of all jobs in the Portland region disappeared in a single month.
  • The accommodation and food services sector (hotels, restaurants, bars, etc.) lost more than half of their employment. A few major sectors saw double-digit declines: construction, retail trade and health care.
  • Residential building permits for construction of single-family homes in the Portland region declined by 42 percent.
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