State Quadruples 2004 Metro Area Employment Growth Figures

PORTLAND, OR-Along with January’s metro-area unemployment report, the Oregon Employment Department says the Portland Metro area gained 16,400 jobs in 2004, or more than four times its preliminary estimate of 3,800 jobs. The numbers translate to a 1.8% rate of growth, which is slightly lower than the statewide figure of 2% and half again as much as the national figure of 1.1%.Much of the underestimated growth occurred in the latter half of 2004, according to the report. Construction and professional and business services added the largest number of jobs (+3,200 each; 6.4% and 2.7% respectively), but the growth occurred in most broad industries, with the exception of financial activities and information, which was the only sector to lose employment over the year (1.2%).Original estimates are based on a monthly survey of a sample of establishments whereas the revised numbers reflect actual counts of payroll jobs, derived principally from unemployment insurance tax records. Despite 2004′s relatively strong growth, employment is still below pre-recession peaks, according to the agency. As of January 2005, the region’s economy had 21,600 fewer jobs than four years earlier. Speaking of which, as occurs most every January, seasonal losses in non-farm employment pushed the unemployment rate to 6.6%, up three tenths of a percentage point from December but well below the January 2004 figure of 8.2%, according to OED. Approximately 17,700 fewer people were unemployed at the end of January 2005 relative to the end of January 2004, according to the report.The 20,600 job losses from the end of December 2004 for to the end of January 2005 is typical as retailers scale back after the holidays and other seasonal industries such as construction, manufacturing, and leisure and hospitality continue their winter decline, though construction lost fewer than is typical because of the unusually dry and mild month. The number of manufacturing jobs in the Portland area’s industrial sector stands at 120,200; 4,500 jobs (+3.9%) more than a year ago but 21,000 fewer than pre-recession levels.