Portland-area economy weakens Q1 - Puget Sound Business Journal (Seattle):

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percent, an accelerating decline comparesd tothe 13.5 percent (revised) drop in the fourtbh quarter of 2008. Of the nine indicators includef inthe index, six declined said Tim Duy, directofr of the Oregon Economic Forum and a UO adjuncy assistant professor, Labor market trends continue to deteriorate. Help-wanteds advertising in The Oregonian fell durintgthe quarter, consistent with a decrease in hirin demand. Similarly, initial unemployment claims continuedto rise, reachin a month average of 16,81o9 claims. Non-farm payrolls continue to fall as undefr the dual forces of increased layoffs and slackhiring demand; payrolls stand 3.9 percent lowed than year-ago levels.
The expected slowdowj in lodging activity finally came to said Duy,with estimated lodging revenue (seasonally and inflation down 15.4 percent from the fourth Passenger traffic at Portland Internationall Airport was effectively unchanged from the previou quarter. Housing markets were generally weaker. Housing sales were effectively whileaverage days-on-market fell, partially offsetting a particularlh sharp rise in the fourthn quarter of 2008, attributable to the intensification of the financiapl crisis and unusual weather conditions, said Duy. Ongoing decline in the in point to continued economic deterioration in thePortlanr region, he added.
Signs of stabilization are difficult to he said; expectations for a firming of economic activity in the second half of 2009 are largelt based on some tentativre signs of stability in the national economy. the impact of fiscal and monetary policies shoulfd become more evident as theyear Still, the pace of the recoverty is expected to be subdued as the economy adjustsw to an environment less dependent on debt-supportex consumer spending growth.