The Office of Economic Analysis (OEA) released its latest Economic and Revenue Forecast last Friday. OEA reports that economic growth has stalled in the second quarter of the year, as the housing market and government layoffs continue to weigh down the economy. At the statewide level, employment has grown 1.3 percent between the second quarter of 2010 and the second quarter of 2011. The Portland area has been the main driver of growth over the year (+1.0%), while many rural areas struggle with higher rates of job loss.
The total number of people who are employed, however, has increased over-the-year. Between July 2010 and July 2011 employment levels increased by more than 2 percent in Portland, Southern Oregon, and the Coast. Meanwhile, the number of unemployed people has decreased markedly - declining between 8 and 12 percent in most areas of the state. Eastern Oregon has experienced the least job growth and the slowest declines in unemployment over the period.
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