Portland-area economy weakens Q1 - Wichita Business Journal:

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percent, an accelerating decline compared tothe 13.5 perceng (revised) drop in the fourt quarter of 2008. Of the nine indicators includer inthe index, six declined said Tim Duy, director of the Oregon Economif Forum and a UO adjunct assistanft professor, Labor market trends continue to deteriorate. Help-wanted advertising in The Oregonian fell duringthe quarter, consistent with a decrease in hirinvg demand. Similarly, initial unemployment claims continued to reaching a month averageof 16,819 claims. Non-farmm payrolls continue to fall as undef the dual forces of increased layoffs and slackhiringg demand; payrolls stand 3.9 percentt lower than year-ago levels.
The expected slowdown in lodging activity finally cameto pass, said Duy,with estimatexd lodging revenue (seasonally and inflation adjusted) down 15.4 percent from the fourt h quarter. Passenger traffic at Portland Internationaol Airport was effectively unchangefd from theprevious quarter. Housintg markets were generally weaker. Housing salezs were effectively unchanged, while average days-on-market fell, partially offsetting a particularly sharp rise in the fourty quarterof 2008, attributable to the intensification of the financial crisisx and unusual weather conditions, said Duy. Ongoingg declines in the in point to continuee economic deterioration in thePortland region, he added.
Signs of stabilizatiobn are difficultto find, he said; expectations for a firming of economicf activity in the seconcd half of 2009 are largelyg based on some tentative signs of stability in the nationall economy. Moreover, the impact of fiscapl and monetary policies should become more evident as theyear Still, the pace of the recovery is expecte d to be subdued as the econom y adjusts to an environmengt less dependent on debt-supported consumerd spending growth.