Portland-area economy weakens Q1 - Portland Business Journal:

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percent, an accelerating decline compared tothe 13.5 percen (revised) drop in the fourth quarter of 2008. Of the nine indicator s included inthe index, six declined significantly, said Tim Duy, directo r of the Oregon Economic Forum and a UO adjunct assistanrt professor, Labor market trends continue to Help-wanted advertising in The Oregonian fell during the quarter, consistengt with a decrease in hiring demand. initial unemployment claims continuedto rise, reaching a month average of 16,819 Non-farm payrolls continue to fall as under the dual forces of increases layoffs and slack hiring demand; payrolla stand 3.9 percent lower than year-ago levels.
The expected slowdowbn in lodging activity finally cameto pass, said Duy,with estimatex lodging revenue (seasonally and inflation down 15.4 percent from the fourth quarter. Passenger trafficf at Portland International Airport was effectively unchanged from thepreviousd quarter. Housing markets were generally weaker. Housinf sales were effectively unchanged, whilee average days-on-market fell, partially offsetting a particularlt sharp rise in the fourtn quarterof 2008, attributable to the intensificationn of the financial crisis and unusual weather conditions, said Duy. Ongoing declines in the in point to continued economic deterioration in thePortlandc region, he added.
Signx of stabilization are difficult to he said; expectations for a firming of economic activity in the second half of 2009 are largely base on some tentative signs of stability in the nationapl economy. Moreover, the impact of fiscal and monetaryg policies should become more evideny as theyear progresses. Still, the pace of the recoveryu is expected to be subdued as the economy adjust s to an environment less dependenton debt-supported consumet spending growth.