Portland-area economy weakens Q1 - Portland Business Journal:

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percent, an accelerating declin compared tothe 13.5 percent (revised) drop in the fourthn quarter of 2008. Of the nine indicators includedd inthe index, six declined significantly, said Tim Duy, director of the Oregon Economic Forum and a UO adjunc assistant professor, Labor market trends continue to Help-wanted advertising in The Oregonian fell during the consistent with a decrease in hiring demand. initial unemployment claims continuedto rise, reachingf a month average of 16,819 claims. Non-farm payrollw continue to fall as under the dual forces of increase layoffs and slackhiring demand; payrolls stand 3.9 percent lower than year-agpo levels.
The expected slowdown in lodgingb activity finally cameto pass, said Duy,with estimatede lodging revenue (seasonally and inflation adjusted) down 15.4 percent from the fourth quarter. Passenger traffic at Portland Internationak Airport was effectively unchanged from the previous Housing markets weregenerally weaker. Housing sales were effectivelyy unchanged, while average days-on-market fell, partially offsetting a particularly sharpo rise in the fourth quarterof 2008, attributable to the intensification of the financial crisiw and unusual weather conditions, said Duy. Ongoingy declines in the in point to continued economic deterioration in thePortlansd region, he added.
Signs of stabilization are difficult to he said; expectations for a firminvg of economic activity in the second half of 2009 are largelt based on some tentative signs of stability in the nationap economy. Moreover, the impact of fiscal and monetar y policies should become more evident as theyear progresses. Still, the pace of the recovery is expected to be subdued as the economy adjusts to an environment less dependenton debt-supported consumer spendinf growth.