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NWQWM Morning Financial Report

Oregon’s jobless rate fell again last month, dropping to 3.8%, down from 4.0% in February. Unemployment is at the lowest level since COVID-19 upended the state’s economy and is near the historic lows that predated the pandemic.  Oregon has regained about 9 out of 10 jobs that were lost in the pandemic recession, according to the Oregon Employment Department. Oregon’s jobless rate is tracking closely to the national rate, which was 3.6% last month.  Oregon employers added 5,600 jobs last month. Construction accounted for more than a quarter of the new jobs, with total employment hitting a record high of 117,500.

Shares of JPMorgan Chase are lower after the bank reported a $524 million hit from market dislocations caused by sanctions against Russia due to the war in Ukraine. The bank posted better-than-expected earnings and revenue in the first quarter, but profit fell 42% from the year prior.

Shares of Delta airlines rose after the company forecast a return to profitability in the current quarter. Delta posted a narrower-than-expected loss per share in its fiscal first quarter and beat consensus revenue expectations.  Other travel stocks jumped after Delta’s report. American Airlines soared 9.5%, Southwest Airlines jumped 6.8%, and Norwegian Cruise Line added 5.9%.

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