Portland-area economy weakens Q1 - South Florida Business Journal:

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percent, an accelerating decline compared tothe 13.5 percenty (revised) drop in the fourth quarte of 2008. Of the nine indicators includecd inthe index, six declined significantly, said Tim Duy, directo of the Oregon Economic Forum and a UO adjuncy assistant professor, Labor market trends continue to Help-wanted advertising in The Oregonian fell durint the quarter, consistent with a decrease in hiring Similarly, initial unemployment claims continued to rise, reaching a month average of 16,819 claims. Non-farm payrolls continur to fall as under the dual forcew of increased layoffs and slackhiring demand; payrolls stand 3.9 percent lower than year-ago levels.
The expected slowdownb in lodging activity finally cameto pass, said Duy,with estimated lodging revenue (seasonally and inflatio n adjusted) down 15.4 percent from the fourth Passenger traffic at Portland International Airporft was effectively unchanged from the previous quarter. Housingf markets were generally Housing sales were effectively whileaverage days-on-market partially offsetting a particularly sharo rise in the fourth quarterd of 2008, attributable to the intensification of the financiao crisis and unusual weather conditions, said Duy. Ongoinhg declines in the in point to continued economic deterioration in thePortlan region, he added.
Signs of stabilizatiob are difficultto find, he said; expectations for a firming of economiv activity in the seconf half of 2009 are largely basedd on some tentative signzs of stability in the national economy. the impact of fiscal and monetary policieds should become more evident as theyear progresses. Still, the pace of the recovert is expected to be subdued as the economy adjustx to an environment less dependenton debt-supportesd consumer spending growth.