On the eve of Oregon Interim Senate Committee on Labor and Business hearings on unemployment insurance in Oregon I thought it would be useful to update unemployment data for Oregon.
1. Oregon has paid out $4 billion in unemployment benefits from March 15 to August 22; after taxes that is enough to have provided $1.0 billion to pay for housing expenses for 5 1/2 months, about $182 million a month. The simple table pasted below shows the math. (As a frame of reference total HUD housing choice funding in ALL of FY 2019 in Oregon was $250 million).
2. Oregon's unemployment insurance fund balance at the end of June was $4.63 billion. The ending balance reflects a decline of $223 million in June, a 4.6 % decline. However that 7% decline is only the 11th highest June percentage decline in 42 years. The table below shows the Oregon top 15 high to low rank order of % order of June declines in the balance of the unemployment insurance fund. (NOT shown, I calculate that Oregon's insurance fund balance has declined by 8.6% since January. Among states only Iowa had a lower rate of decline, 2.4%; Oregon also had the LARGEST insurance fund balance at the end of June).
3. The share of all unemployment insurance continuing claims from "regular" insurance was 91% in March but it declined to 53% in July. During the same time period the share of all UI continuing claims for the PUA program increased from 0% to 27%. The pie chart below shows the shares for the August 8 weekly report.
4. The most recent county unemployment insurance benefits paid public data released by ODE is through June. My prior post HERE has that data AND a breakout of UI available for housing expenses through JUNE. Originally created and posted on the Oregon Housing Blog.
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