The overall picture of Clark County’s labor market “remains very positive,” the region’s labor economist reported Tuesday, with “rapid employment growth, falling unemployment, and low levels of job losses, as measured by unemployment claims.”
In the 12 months ending in April, the county added 6,100 jobs and posted an annualized growth rate of 4.3 percent, according to Scott Bailey, regional labor economist for the state Employment Security Department, in his analysis released Tuesday.
Clark County’s 4.3 percent growth rate topped the nation’s (2.3 percent) and surpassed those of Washington and Oregon (3.6 percent and 3.3 percent, respectively). The Portland metro area’s growth rate is expected to be released today.
Meanwhile, unemployment, which had remained at elevated levels for some months, showed improvement. For example, March’s preliminary jobless rate of 6.7 percent was revised upward “only a tenth of a point” to 6.8 percent, Bailey reported. The upward revision takes into account those unemployed county residents who previously worked in Oregon.
Remarking on how small the upward revision was for March’s initial jobless rate, Bailey wrote: “So much for the pattern of large upward revisions in the unemployment rate for the past seven years.” The preliminary unemployment rate in April was 6.3 percent. In April 2014, unemployment was 7.6 percent.
In a phone interview Tuesday, Bailey said Portland’s economy is coming on strong and the U.S. is experiencing a robust business cycle — both contributors to Clark County’s positive economic signs. “Our spot within Portland is a good place to be,” he said.
In Clark County, the three big industries for generating jobs, over the year, were: trade, transportation and utilities (up 800 jobs), professional and business services (up 1,100 positions), and education and health services (up 1,100 jobs).
“Manufacturing improved slightly,” according to Bailey, with a gain of 500 jobs over the year, “with all the growth on the durable side of the house,” such as fabricated metals, machinery and electronics.
What’s more, every major job sector in the county was up over the year. That includes construction and natural resources (up 600 jobs), information services (up 500 jobs), finance (up 400 jobs), leisure and hospitality (up 400 jobs) and government (up 300 jobs).
Initial claims for unemployment insurance “declined for the second straight month,” according to Bailey, “and remain at very low levels. Continued claims declined over the month, and were also at low levels.”
Clark County’s labor market report for May, including payroll and unemployment figures, is slated for release June 23.
