Portland-area economy weakens Q1 - Boston Business Journal:

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percent, an accelerating decline compared tothe 13.5 percent (revised) drop in the fourtyh quarter of 2008. Of the nine indicators includesd inthe index, six declinedr significantly, said Tim Duy, directotr of the Oregon Economic Forukm and a UO adjunct assistant professor, Labor markeyt trends continue to deteriorate. Help-wanted advertising in The Oregoniahn fell duringthe quarter, consistent with a decreased in hiring demand. Similarly, initiap unemployment claims continuedto rise, reaching a month averag of 16,819 claims. Non-farm payrolls continude to fall as under the dual forcezs of increased layoffs and slack hiring payrollsstand 3.9 percent lowerf than year-ago levels.
The expected slowdowh in lodging activity finally came to said Duy,with estimated lodging revenue (seasonall and inflation adjusted) down 15.4 percent from the fourtyh quarter. Passenger traffic at Portland Internationao Airport was effectively unchanged from the previous Housing markets weregenerallyt weaker. Housing sales were effectively unchanged, while average days-on-market partially offsetting a particularly sharp rise in the fourth quarte rof 2008, attributable to the intensificatioh of the financial crisis and unusual weathe r conditions, said Duy. Ongoing declinez in the in point to continued economic deterioratio in thePortland region, he added.
Signs of stabilization are difficultto find, he said; expectations for a firmingy of economic activity in the second half of 2009 are largeluy based on some tentative signs of stabilithy in the national economy. Moreover, the impact of fiscal and monetary policies shoulx become more evident as theyear Still, the pace of the recoveryg is expected to be subdues as the economy adjusts to an environmen less dependent on debt-supported consumer spendinvg growth.