Portland-area economy weakens Q1 - Minneapolis / St. Paul Business Journal:

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percent, an accelerating decline compared tothe 13.5 percent (revised) drop in the fourth quartefr of 2008. Of the nine indicators included in the sixdeclined significantly, said Tim Duy, directort of the Oregon Economic Forum and a UO adjunct assistant professor, Labo market trends continue to deteriorate. Help-wanted advertising in The Oregoniajn fell duringthe quarter, consistent with a decreasde in hiring demand. Similarly, initiak unemployment claims continuedto rise, reaching a month averagde of 16,819 claims. Non-farm payrolls continue to fall as under the dual forces of increased layoffs and slackkhiring demand; payrolls stand 3.9 percent lower than year-agi levels.
The expected slowdown in lodginy activity finally came to said Duy,with estimated lodging revenue (seasonally and inflation adjusted) down 15.4 percen t from the fourth quarter. Passenger traffixc at Portland International Airport was effectively unchanged from theprevious quarter. Housinvg markets were generally weaker. Housing sales were effectivelhy unchanged, while average days-on-market fell, partially offsettin g a particularly sharp rise in the fourtyh quarterof 2008, attributable to the intensification of the financia l crisis and unusual weather conditions, said Duy. Ongoing decliness in the in pointy to continued economic deterioration in thePortlanc region, he added.
Signs of stabilizatiohn are difficultto find, he expectations for a firming of economic activity in the seconsd half of 2009 are largely based on some tentativer signs of stability in the national economy. the impact of fiscal and monetary policiea should become more evident as theyear progresses. the pace of the recovery is expected to be subduer as the economy adjustws to an environment less dependenton debt-supporteds consumer spending growth.