Portland-area economy weakens Q1 - Dallas Business Journal:

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percent, an accelerating decline compared tothe 13.5 percent drop in the fourth quartef of 2008. Of the nine indicatorsw included inthe index, six declinedf significantly, said Tim Duy, director of the Oregon Economic Foru m and a UO adjunct assistanft professor, Labor market trends continue to deteriorate. Help-wantexd advertising in The Oregonian fell duringthe quarter, consisten with a decrease in hiring demand. Similarly, initial unemployment claims continuedto rise, reaching a month average of 16,819 claims. Non-farm payrolls continue to fall as under the dual forcess of increased layoffs and slackhiring demand; payroll stand 3.9 percent lower than year-agoo levels.
The expected slowdown in lodging activityh finally came to said Duy,with estimated lodging revenuer (seasonally and inflation adjusted) down 15.4 percenf from the fourth quarter. Passenger traffic at Portland Internationak Airport was effectively unchanged from the previous Housing markets weregenerally weaker. Housing sales were effectivelgy unchanged, while average days-on-market fell, partially offsettinh a particularly sharp rise in the fourtjh quarterof 2008, attributable to the intensificatiobn of the financial crisiss and unusual weather conditions, said Duy. Ongoing declines in the in pointg to continued economic deterioration in the Portland he added.
Signs of stabilization are difficultgto find, he said; expectations for a firminb of economic activity in the second half of 2009 are largelyg based on some tentative signz of stability in the national Moreover, the impact of fiscal and monetary policiez should become more evident as the year Still, the pace of the recovery is expected to be subduedx as the economy adjusts to an environment less dependent on debt-supported consumer spending