Oregon's unemployment rate fell slightly, from 8.9% to 8.7% but, as I have been saying all along, this is not the number that matters as it represents the supply and demand equilibrium. What matters are jobs and in September the state shed a whopping 7,900 of them on a seasonally adjusted basis. This bucks the national numbers which saw strong job growth so perhaps we will see a significant future revision. Either way, it is further evidence of a recovery that is like an engine with a bad carburetor - it goes but in a sputtering and halting way.
1 comment:
What I find difficult is the part time portion of the percentage of the number and how it is said that California was not counted.
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