Central Oregon Economic Indicators May 2023

Published on Jul 13, 2023

Economy in Central Oregon

By Nicole Ramos | Regional Economist, East Cascades | Oregon Employment Department

In May, Central Oregon’s total nonfarm payroll employment increased by 1,670 jobs year-over-year, with employment gains taking place in all three counties. Deschutes County gained 1,390 jobs over the year, Crook County gained 270 jobs, and Jefferson County gained 10 jobs.

The seasonally adjusted unemployment rate in Oregon continued its downward trend in May and is now 3.7%, matching the nation’s unemployment rate which also declined. Similarly, seasonally adjusted unemployment rates continued to fall throughout Central Oregon. Crook County had the highest unemployment rate at 5.5%, down from a revised rate of 5.7% in April, whereas Deschutes County had the smallest unemployment rate at 4.0%, down from a revised rate of 4.1% in April. Jefferson County’s unemployment rate is 4.9, down from 5.1% in April%.

Topic of the Month: Real Gross Domestic Product

This month’s graph highlights the gross domestic product (GDP) for the Mid-Valley area. GDP measures the value of final goods and services within a specified geography over a given period of time, adjusted for inflation. In other words, it is an estimate of the total dollar value of all goods and services produced by an economy, or an estimate of total economic output. It can help us understand how an economy is performing and whether its total output of goods and services is growing or shrinking, because, broadly speaking, an increase is a sign that the economy is doing well, as employment is likely to be increasing when output is growing. The opposite is generally true for decreases in real GDP. To learn more about real GDP for your area, see the attached pdf or click the following link.