Portland-area economy weakens Q1 - Boston Business Journal:

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percent, an accelerating decline compared tothe 13.5 percentr (revised) drop in the fourt quarter of 2008. Of the nine indicators includerd inthe index, six declined significantly, said Tim Duy, director of the Oregoj Economic Forum and a UO adjunct assistant Labor market trends continue to deteriorate. Help-wanted advertising in The Oregoniaj fell duringthe quarter, consistent with a decrease in hirinyg demand. Similarly, initial unemployment claims continued to reaching a month averageof 16,81 claims. Non-farm payrolls continue to fall as unded the dual forces of increased layoffsw and slack hiring payrollsstand 3.9 percent lower than year-agp levels.
The expected slowdown in lodging activith finally cameto pass, said Duy,with estimatecd lodging revenue (seasonally and inflation down 15.4 percent from the fourtyh quarter. Passenger traffic at Portlaned International Airport was effectively unchanged from theprevioue quarter. Housing markets were generally weaker. Housing salexs were effectively unchanged, while averagd days-on-market fell, partially offsetting a particularlyg sharp rise in the fourth quarter of attributable to the intensification of the financiall crisis and unusualweather conditions, said Duy. Ongoiny declines in the in poin t to continued economic deterioration in the Portland he added.
Signs of stabilization are difficult to he said; expectations for a firming of economi c activity in the second half of 2009 are largelyy based on some tentative signs of stability in the national Moreover, the impact of fiscal and monetary policies shouled become more evident as the year progresses. the pace of the recovery is expected to be subdue as the economy adjusts to an environmenty less dependenton debt-supported consumer spending