Oregon Public Broadcasting

Oregon's economy appeared to slow in July, according to the University of Oregon's index of economic indicators.

After improving over the winter and spring, Oregon's economy slumped this summer. In July, initial unemployment claims rose while activity at temporary hiring agencies dropped.

Residential building permits also fell -- to their lowest level in a year. And orders for durable goods dropped -- suggesting the pace of the recovery in Oregon's manufacturing sector is slowing.

But Amar Mann, with the U.S. Bureau of Labor Statistics, says people shouldn't be too discouraged.

Amar Mann: "The situation has improved since last year. Last year the unemployment rate was above 11 percent and today as I said, it's around 10-and-a-half. So, there has been some improvement over the past year."

Nationally, stocks have climbed after weekly jobless claims fell by more than expected and the U.S. trade deficit posted its biggest drop in 17 months.