The rate of unemployment is continuously dipping in the American state of Oregon. The unemployment rate in November was around 8.4 percent, down from 8.6 percent in the month before. However, the pace at which the rates are falling is slow.
The payroll employment figures slightly increased in the period between October and November. A seasonal adjusted increase of 1.2 percent was recorded creating 18,700 more jobs since last year, reported Portland Business Journal.
The head count of unemployed people in Oregon was recorded to be 159,653 in November 2012, which was around 171,941 a year ago. As per the data collected from the U.S. Bureau of Labor Statistics, it was analyzed that employment in the state rose by 600 jobs. 1400 jobs were spawned by the private sector. However, the public sector jobs saw a decline of 800 jobs, reported Statesman Journal.
The manufacturing sector generated an extra 1500 jobs in November and business services sector produced 2100 more jobs. However, the hospitality industry declined by 2400 jobs, reported Oregon Public Broadcasting.
Recently, the country's unemployment rate had declined to 7.7 percent with the economy adding an extra 146,000 jobs. However, the reason cited for the decline was a massive number of people quitting the labor force.
The risk of unemployment rates soaring is also prevalent. The fluctuation of the rates depends on how fast unemployed workers return to looking for jobs, reported Reuters.
Job seekers can start looking for jobs more easily if the economic condition of the country stabilizes. The rates could soar again if these job seekers do not find employment.
"The unemployment rate could stay around 8 percent as late as mid-2014, despite continued job growth," Mary Daly, associate research director at the San Francisco Fed told Reuters.
"A stall in reducing the unemployment rate would undoubtedly be viewed as a significant disappointment," she added.
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