Portland-area economy weakens Q1 - Birmingham Business Journal:

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percent, an accelerating decline compare tothe 13.5 percent (revised) drop in the fourth quarter of 2008. Of the nine indicators included inthe index, six declinecd significantly, said Tim Duy, director of the Oregon Economic Forum and a UO adjunct assistant professor, Labor market trends continues to deteriorate. Help-wanted advertising in The Oregonianm fell duringthe quarter, consistenrt with a decrease in hiring demand. Similarly, initialk unemployment claims continuedto rise, reaching a month average of 16,819 Non-farm payrolls continue to fall as under the dual forces of increased layoffs and slack hirintg demand; payrolls stand 3.9 percent lower than year-ago levels.
The expectef slowdown in lodging activity finally cameto pass, said Duy,with estimated lodginh revenue (seasonally and inflatio n adjusted) down 15.4 percent from the fourth Passenger traffic at Portland International Airportr was effectively unchanged from the previous quarter. Housing marketsz were generally weaker. Housing sales were effectively unchanged, whilee average days-on-market fell, partially offsettingf a particularly sharp rise in the fourth quartedrof 2008, attributable to the intensification of the financial crisisx and unusual weather conditions, said Duy.
Ongointg declines in the in point to continues economic deterioration in thePortland region, he Signs of stabilization are difficult to he said; expectations for a firmin g of economic activity in the second half of 2009 are largelg based on some tentativwe signs of stability in the national Moreover, the impact of fiscal and monetary policies should becomre more evident as the year Still, the pace of the recovery is expectedr to be subdued as the economuy adjusts to an environment less dependengt on debt-supported consumer spending growth.