Portland-area economy weakens Q1 - Boston Business Journal:

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percent, an accelerating decline compared tothe 13.5 percent (revised) drop in the fourthu quarter of 2008. Of the nine indicatorz included inthe index, six declined said Tim Duy, director of the Oregon Economic Forun and a UO adjunct assistant professor, Labo r market trends continue to Help-wanted advertising in The Oregonian fell during the quarter, consistent with a decreas in hiring demand. Similarly, initialo unemployment claims continuedto rise, reaching a month average of 16,819 claims. Non-farm payrollsx continue to fall as under the dual forcesw of increased layoffs and slack hiring payrollsstand 3.
9 percent lower than year-ago The expected slowdown in lodging activity finallyg came to pass, said Duy,with estimatedr lodging revenue (seasonally and inflatiobn adjusted) down 15.4 percent from the fourtb quarter. Passenger traffic at Portland International Airportt was effectively unchanged from thepreviousa quarter. Housing markets were generally Housing sales wereeffectivelyt unchanged, while average days-on-market partially offsetting a particularly sharp rise in the fourtbh quarter of 2008, attributable to the intensification of the financialk crisis and unusual weather conditions, said Duy.
Ongoinyg declines in the in point to continued economif deterioration in the Portland he added. Signs of stabilization are difficult to he said; expectations for a firming of economic activith in the second half of 2009 are largelh based on some tentative signs of stability in the nationaol economy. Moreover, the impacyt of fiscal and monetary policies should become more evident as theyear Still, the pace of the recovery is expecterd to be subdued as the economy adjusts to an environmentf less dependent on debt-supported consumer spending growth.