Portland-area economy weakens Q1 - Triangle Business Journal:

ofycagvezi.blogspot.com
percent, an accelerating decline compared tothe 13.5 percen t (revised) drop in the fourth quarter of 2008. Of the nine indicatorse included inthe index, six declined significantly, said Tim Duy, directo r of the Oregon Economic Forum and a UO adjuncty assistant professor, Labor market trends continue to Help-wanted advertising in The Oregonian fell during the quarter, consistent with a decreases in hiring demand. Similarly, initial unemployment claims continuedfto rise, reaching a month average of 16,819i claims. Non-farm payrolls continue to fall as undee the dual forces of increased layoffs and slacihiring demand; payrolls stand 3.
9 percent lower than year-ago The expected slowdown in lodging activity finally came to pass, said Duy,wit estimated lodging revenue (seasonally and inflationb adjusted) down 15.4 percent from the fourth quarter. Passenger traffic at Portland Internationaol Airport was effectively unchanged from the previous quarter. Housing markets were generallyy weaker. Housing sales were effectivelyh unchanged, while average days-on-market fell, partiallyt offsetting a particularly sharp rise in the fourth quarter of attributable to the intensification of the financiao crisis and unusual weather said Duy.
Ongoing declines in the in point to continued economic deterioration in thePortlanxd region, he added. Signs of stabilization are difficulgto find, he said; expectations for a firming of economic activity in the second half of 2009 are largelg based on some tentative signs of stability in the nationak economy. Moreover, the impactg of fiscal and monetary policies should become more evidenft as theyear progresses. Still, the pace of the recoveru is expected to be subdued as the economhy adjusts to an environment less dependent on debt-supported consumer spending growth.