Oregon Public Broadcasting

Many Oregon businesses breathed a sigh of relief Friday after hearing the House of Representatives had passed the $700-billion bailout bill. But as Krisitan Foden-Vencil reports, those businesses don’t expect the economy to rebound quickly.

Earlier this year Michael Powell, the owner of Powell Books, was considering expanding one of his stores. But he says, the credit crunch has shaken confidence and there’s been a marked drop in customers.

He’s pleased a rescue package has been passed, but he’s says, he’s not about to start expanding any time soon.

Michael Powell: “I will wait to read in the papers that these credit markets are working, I’ll wait to read until the bank failures have stopped and that people are expressing confidence in the future…until my customers tell me that they’re in the mood to buy books, I’m not going to be in the mood to make major investments in capital.”

Other local businesses, like PGE and U.S. Bank expressed similar feelings.

A new report from the ‘Economic Policy Institute’ finds Oregon ranking 14th in the nation for the percentage of jobs it lost last year to the poor economy.