Portland-area economy weakens Q1 - Nashville Business Journal:

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percent, an accelerating decline compared tothe 13.5 percen (revised) drop in the fourth quartedr of 2008. Of the nine indicators includefd inthe index, six declined significantly, said Tim Duy, directort of the Oregon Economicc Forum and a UO adjunct assistant professor, Labor market trends continue to deteriorate. Help-wanted advertising in The Oregoniaj fell duringthe quarter, consistent with a decrease in hirinhg demand. Similarly, initial unemployment claims continued to reaching a month averageof 16,819 claims. Non-farm payrollsz continue to fall as underr the dual forces of increaseds layoffs and slackhiring demand; payrolls stand 3.9 percentr lower than year-ago levels.
The expecte d slowdown in lodging activitu finally cameto pass, said Duy,with estimatedr lodging revenue (seasonally and inflatioj adjusted) down 15.4 percent from the fourtgh quarter. Passenger traffic at Portland International Airport was effectivel y unchanged from the previous Housing markets weregenerally weaker. Housinf sales were effectively unchanged, while average days-on-marker fell, partially offsetting a particularly sharp rise in the fourth quartetof 2008, attributable to the intensification of the financial crisis and unusual weathe conditions, said Duy. Ongoing declines in the in pointf to continued economic deterioration in thePortlandx region, he added.
Signxs of stabilization are difficultto find, he expectations for a firming of economiv activity in the second half of 2009 are largelg based on some tentative signs of stability in the national Moreover, the impact of fiscal and monetary policies shouldd become more evident as the year progresses. Still, the pace of the recovert is expected to be subdued as the economy adjustz to an environment less dependenton debt-supportedd consumer spending growth.