The Oregonian’s weekly look at the numbers behind the state’s economy. View past installments here.

Oregon’s jobless rate fell to a record 3.9% last month and the pace of new jobless claims has slackened.

The state’s labor market has slowed this year but these latest indicators suggest that slowing hasn’t changed the fundamental picture, and that Oregon’s economy remains fundamentally solid.

Josh Lehner with the Oregon Office of Economic Analysis noted the falloff in new jobless claims in a report earlier this month. Initial jobless claims are an important barometer of the economy’s outlook.

During the early part of the year, new claims were running ahead of the 2018 rate. But the most recent data from the U.S. Department of Labor shows far fewer claims than at this time a year ago – and among the lowest for this time of year in history.

“Until initial claims increase significantly, the labor market should continue to grow and the (economic) expansion endures,” Lehner forecast.

The latest numbers from the Oregon Employment Department show that Oregon added 6,300 jobs in November – and the October total was revised upward by 2,100 jobs to 6,500. That’s more than double what the state averaged in the early part of the year, and in all of 2018.

The Employment Department said that construction, manufacturing and business services cut far fewer jobs in November than is usual that time of year.

“The tight labor market, and perhaps the unusually mild and dry weather in November, seem to have influenced seasonal trends in the major industries,” the department said in its monthly report.

The strong job numbers suggest that Oregon’s economy may not be leveling off after years of growth, as many observers had anticipated. Rather, there are now indications that growth is picking back up again.

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