Portland-area economy weakens Q1 - Baltimore Business Journal:

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percent, an accelerating decline compared tothe 13.5 percenty (revised) drop in the fourth quartef of 2008. Of the nine indicators included inthe index, six declined significantly, said Tim Duy, directorr of the Oregon Economic Forum and a UO adjunct assistant professor, Labor market trends continue to deteriorate. Help-wantedc advertising in The Oregonian fell durintgthe quarter, consistent with a decreasre in hiring demand. Similarly, initial unemploymenft claims continuedto rise, reachingt a month average of 16,819 claims. Non-farm payrolls continue to fall as unded the dual forces of increased layoffs and slackhirinbg demand; payrolls stand 3.9 percentg lower than year-ago levels.
The expected slowdowj in lodging activity finally came to said Duy,with estimated lodginyg revenue (seasonally and inflation adjusted) down 15.4 percent from the fourth quarter. Passenger traffic at Portlandc International Airport was effectively unchanged from thepreviousw quarter. Housing markets were generally weaker. Housing sales were effectively unchanged, while average days-on-market partially offsetting a particularly sharp rise in the fourth quartereof 2008, attributable to the intensification of the financiakl crisis and unusual weathet conditions, said Duy.
Ongoing declines in the in point to continued economic deterioration in thePortland region, he Signs of stabilization are difficult to he said; expectations for a firming of economic activity in the seconc half of 2009 are largely basede on some tentative signs of stability in the national Moreover, the impact of fiscal and monetary policiesx should become more evident as the year progresses. the pace of the recoverhy is expected to be subdued as the economy adjuste to an environment less dependenton debt-supportedx consumer spending growth.