Oregon's Economic Recovery Stumbles In May
The state's recovery stumbled in May -- according to the Oregon Index of Economic Indicators. Kristian Foden-Vencil reports.
The index tracks things like unemployment claims, new building permits, truck travel and consumer confidence. It fell about one-and-a-half percent this Spring.
Tim Duy is the director of the Oregon Economic Forum. He says there are several reasons.
For example, a drop in the number of people being hired for temporary work -- in a normal recovery, they would be the first to be taken on permanently. He also says initial unemployment claims have stopped falling and seem to have stabilized at levels consistent with a weak economy.
Tim Duy: "As the inventory correction and government stimulus phase of the recovery have worn off, we're not seeing a lot of private demand to make up for the loss of those sectors."
Economists have talked a lot about the possibility of a 'double-dip' recession.
Duy says it would be premature to say it's here. But, he says, the stumble is consistent with concerns the recovery could falter during the second half of this year.
© 2010 OPB
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