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Oregon’s Economic Forecast May 17, 2013 Northwest Economic Research Center College of Urban and Public Affairs
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About Northwest Economic Research Center (NERC) Established in 2011 Hosted at the College of Urban and Public Affairs (CUPA) in Portland State University Director: Dr. Thomas Potiowsky Assistant Director: Dr. Jenny H Liu 2
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About OEA 3 Excerpts from Slide Presentation to Governor’s Council of Economic Advisors Preliminary Economic Outlook Office of Economic Analysis Mark McMullen Josh Lehner
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Recent Oregon Economy Facts 4 8.2% Unemployment rate for March 2013 (March US rate is 7.6% from 8.8% March 2012, and down 3.4% from recession highs) (US April rate 7.5%) (OR April 8.0%) 17 th fastest job growth at 1.5% for all states for March 2013 over March 2012. Total nonfarm employment increased 1.4% year-over- year for the first quarter of 2013. Total nonfarm up 66,200 since Feb 2010 with the private sector up 73,000 through March 2013. 5.3% personal income growth for 4 th quarter of 2012 over 4 th quarter of 2011. Annualized 4 th quarter 2012 growth at 7.5%. YTD Oregon exports through February 2013 are up 3.0% from a year ago. Computer and electronic products: -9.8% Agricultural products: +33.5% All other: 0.9%
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Oregon Exports 5
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Correcting the Jobs Data Again! Index: Feb 2010=100 6 Prelim May 2013 economic outlook uses clean CES data, no prelim benchmark data however…
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Recovery Spreading to Rural Areas 7
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8 Leading Indicators
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Oregon Coincident Index Components
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Drags on Economic Growth Are Easing 11
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12 Detailed Industry Forecast
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17 Here we go again!
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Medium Term Downgraded Slightly 18
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Quote: On Financial Crisis and Our Approach to Get Out of It Will Rogers: “If Stupidity Got Us Into This Mess, Why Can’t It Get Us Out” 19
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20 Information for the presentation draws from the Oregon Office of Economic Analysis 155 Cottage Street NE Salem, OR 97301 (503) 378-3405 oea.info@state.or.us www.oregon.gov/das/oea Social Media: oregoneconomicanalysis.wordpress.com @OR_EconAnalysis Presented by Dr. Thomas Potiowsky Northwest Econoimc Research Center 530A SW Mill Street Portland, Oregon 97207 Nerc@pdx.edu www.pdx.edu/NERC @nercpdx
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