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Portland Area Jobless Rate Stays Under 7%

PORTLAND-The rate, which is not seasonally adjusted, rises 30 basis points from January to finish February at 6.9%.

By Brian K. Miller | Updated on March 29, 2005

PORTLAND-The Portland metro area unemployment rate rose 30 basis points in February to close out the month at 6.9%, according to the Oregon State Employment. January’s rate was 6.6%, and the year-ago rate was 8.2%.The unemployment rate, which is not seasonally adjusted, typically peaks each year in February or March. Approximately 76,100 area residents were unemployed in February, 13,400 fewer than a year ago.Job gains are typical for this time of year as schools finish hiring after the winter break, and that held true in February, with the economy creating 7,300 jobs. Metro area employment now stands at 952,700; up 28,000 (3.0%) from this time last year but 15,900 jobs (1.6%) down from February 2001, which is when the area had just entered into recession.The manufacturing sector added 500 jobs over the month. The gains were in transportation equipment manufacturing (+400) and high tech (+200), offset by a seasonal loss of 100 in food manufacturing. High-tech manufacturing employment is up 1,600 jobs or 4.7% over a year ago, but still approximately 8,000 jobs below pre-recession peaks. Overall, manufacturing has gained 4,400 jobs or 3.8% over the past year, making it one of the area’s fastest-growing major industries.Professional and business services gained 1,400 jobs in February due in part to tax return preparation services gearing up for April 15. Construction added 700 jobs as unseasonably mild and dry weather continued into February. Trade, transportation, and utilities shed 1,300 jobs in line with seasonal trends as retailers completed their post-holiday layoffs. Information and financial activities were flat over the month.

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