Oregon's unemployment rate set another record in May, falling to 3.6 percent according to data out Tuesday from the Oregon Employment Department. That's down slightly from 3.7 percent in April and is the lowest point for which the state has comparable data, going back to 1976.

It's the fifth consecutive month that Oregon's jobless rate has set a record.

Oregon's total labor force crossed 2.1 million in May, its first time ever above that threshold. But Oregon added just 2,900 jobs last month, compared with 6,800 new jobs in April.

Economists say Oregon's job growth will inevitably slow as the state approaches "full employment." As economists use the term, it doesn't mean that everyone who wants a job can find one – rather, it means that employers are having an increasingly difficult time finding qualified workers for their openings.

A strong economy isn't good for everyone. It's one factor contributing to Oregon's housing crisis, raising the cost of owning or renting a home as more people are employed and as the state draws more people from elsewhere to take advantage of job opportunities here.

For Oregonians on fixed incomes, or in jobs where wages aren't rising, broad economic strength can actually make life harder by raising the cost of living.

Hiring was strongest last month in construction, manufacturing, educational services, business services and hospitality, according to the state. Manufacturing, which was flat in 2016, has added 4,300 jobs in the first part of this year.

While Oregon was slower than the nation to recover from the Great Recession, in the past few years the state's job market has outpaced U.S. growth. Nationally, May's unemployment rate was 4.3 percent.

A broader market of the state's unemployment, the U-6 or "underemployment" rate, fell from 8.1 percent to 7.7 percent in May. That's also the lowest point on record, and suggests that Oregon's historically strong economy is shifting more people who were marginally attached to the work force into full-time work.

-- Mike Rogoway; twitter: @rogoway; 503-294-7699