February 2018 Oregon Statewide Economic Indicators

This is the University of Oregon State of Oregon Economic Indicators for February 2018. The release date is April 10, 2018. Special thanks to our sponsor, KeyBank

Willamette Valley Oregon Economic Forum

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Oregon Statewide Indicators

The Oregon Measure of Economic Activity edged downward in February to 1.10 compared to a downwardly revised January reading of 1.18. Highlights of this month’s report include:

Link to full report here.

• The moving average measure, which smooths out the volatility, rose to 1.33, well above average. (“zero” indicates average growth over the 1990-present period). Similar to January, all sectors covered contributed positively to the measure with particularly strong numbers in the household sector.
• Housing activity, measured by new housing permits, made a solid contribution; permits have risen to a pace more consistent with that of past expansions.
• Falling equity prices placed a modest drag on the household sector, but low unemployment and low initial unemployment claims are both contributing strongly to the measure.
• The University of Oregon Index of Economic Indicators gained for a third consecutive month, rising 0.1 percent. Initial unemployment claims rose after falling to a new low in January; employment services payrolls (mostly temporary help workers) edged down.
• Building permits (smoothed) rose to a new high for this cycle.
• The gains in the weight-distance tax since last November suggest that Oregon’s traded-goods sector gained steam in recent months.

Together, these indicators suggest ongoing growth in Oregon at an above average pace of activity.

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Tim Duy – 541.346.4660 (w)