In the statewide index for April, we saw the first monthly decline (-1.2%) since October. Author (and UO professor and Director of the Oregon Economic Forum) Tim Duy notes, "Declines were widespread throughout the components that comprise the index" but that they come as little surprise, "as higher commodity prices, and energy prices in particular, weighed on the economy in the first part of this year." Despite the drop in April, the UO Index is up by 4.3 percent over the last six months. However, the recovery remains sluggish in Oregon.
The UO Index for Portland looked a little bit more rosy, with an increase of 0.7 percent in the first quarter of 2011. The index analysis cites stronger labor market data as a positive driver in the index. However, similar to the statewide index, the Portland summary also notes the continuing challenge of high oil prices on the pace of recovery.
Get more details on the monthly statewide UO Index and its quarterly Portland counterpart in the full summaries!
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