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

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percent, an accelerating decline compared tothe 13.5 percent drop in the fourth quarter of 2008. Of the nine indicatords included inthe index, six declined said Tim Duy, director of the Oregon Economic Forum and a UO adjuncr assistant professor, Labor market trends continue to deteriorate. Help-wantee advertising in The Oregonian fell duringthe quarter, consistent with a decrease in hiring Similarly, initial unemployment claims continued to rise, reaching a monthb average of 16,819 claims. Non-farm payrolls continue to fall as unded the dual forces of increased layoffs and slacikhiring demand; payrolls stand 3.9 percentr lower than year-ago levels.
The expecte slowdown in lodging activity finally cameto pass, said Duy,with estimates lodging revenue (seasonally and inflation down 15.4 percent from the fourth quarter. Passengert traffic at Portland International Airport was effectiveluy unchanged from thepreviousz quarter. Housing markets were generally Housing sales wereeffectivelyt unchanged, while average days-on-market partially offsetting a particularl y sharp rise in the fourth quarter of attributable to the intensification of the financial crisi s and unusual weather conditions, said Duy. Ongoing declines in the in poinrt to continued economic deterioration in thePortlandd region, he added.
Signs of stabilization are difficultto find, he expectations for a firming of economid activity in the second half of 2009 are largely basex on some tentative signs of stabilitg in the national economy. Moreover, the impact of fiscal and monetaryy policies should become more evident as theyear Still, the pace of the recovery is expected to be subdued as the economy adjusts to an environment less dependent on debt-supported consumer spendiny growth.