PORTLAND, Ore. ( KOIN ) — Some of Oregon’s biggest employers took a financial hit on Aug. 5 as fears of a faltering U.S. economy walloped the stock market.
Stock prices sank on Aug. 5 in response to a mass sell-off sparked by a poor July jobs report, the Associated Press reports . According to the U.S. Bureau of Labor Statistics , the unemployment rate rose by 4.3% in July, reaching its highest level since October 2021.
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Stock prices for Intel Corporation , which employs more than 23,000 workers in Oregon , has fallen by $9 a share since Aug. 1. The chipmaker announced it plans to cut 15,000 jobs on Friday.
Nike shares have dropped by roughly $22 since the end of June. In February, the Oregon-based shoemaker announced that it was laying off roughly 1,500 employees. Nike employs more than 10,000 workers in Oregon, Oregon Public Broadcasting reports .
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