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

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percent, an accelerating decline compared tothe 13.5 percentr (revised) drop in the fourth quarteer of 2008. Of the nine indicatorw included inthe index, six declined said Tim Duy, director of the Oregojn Economic Forum and a UO adjunct assistanft professor, Labor market trends continue to deteriorate. Help-wantedd advertising in The Oregonian fell during the consistent with a decrease inhirinfg demand. Similarly, initial unemploymengt claims continuedto rise, reaching a month average of 16,819 Non-farm payrolls continue to fall as under the dual force s of increased layoffs and slack hiring demand; payrollw stand 3.
9 percent lower than year-ago The expected slowdown in lodging activity finally came to said Duy,with estimated lodging revenue (seasonally and inflation adjusted) down 15.4 percentf from the fourth quarter. Passenger traffic at Portlandf International Airport was effectively unchanger from the previous Housing markets weregenerally weaker. Housing saleas were effectively unchanged, while average days-on-market partially offsetting a particularly sharp rise in the fourthy quarterof 2008, attributable to the intensificatiomn of the financial crisis and unusual weathee conditions, said Duy.
Ongoing declines in the in point to continuedc economic deterioration in thePortland region, he Signs of stabilization are difficulg to find, he said; expectations for a firmingh of economic activity in the second half of 2009 are largelyg based on some tentative signsd of stability in the national economy. Moreover, the impact of fiscal and monetaryg policies should become more evidenrt as theyear progresses.
Still, the pace of the recovergy is expected to be subdued as the economy adjustas to an environment less dependenton debt-supported consumer spending