Oregon’s unemployment rate hit another low in October, dropping from 4.7% to 4.4% -- among the lowest rates on record. Oregon added 4,700 more jobs after a flat September. That’s strong growth by historical standards but down from the average of 6,800 new jobs over the prior six months. “This was the fifth month in a row that we’ve seen a significant decline in Oregon’s unemployment rate as more people continue to find work,” said Gail Krumenauer, economist with the Oregon Employment Department. She said the state has recovered 74% of the jobs lost to the pandemic, compared to 81% nationally.
Higher prices and longer wait times do not appear to be turning buyers away from the nation’s homebuilders. With demand still surging, homebuilder confidence in the market for single-family homes rose more than expected in November, to the highest level since last May. Confidence rose 3 points to 83 on the National Association of Home Builders Index. Anything above 50 is considered positive. Sentiment stood at 90 in November 2020. Lack of resale inventory combined with strong consumer demand continues to boost single-family home building.
Shares of Home Depot are higher after the company reported much better-than-expected earnings. The company also issued positive full year guidance.