This is the University of Oregon State of Oregon Economic Indicators for June 2020. The release date is August 4, 2020. Special thanks to our sponsor, KeyBank.
Link to full report (with charts!) here.
The Oregon Measure of Economic Activity rose in June to 0.41 from a downwardly revised -0.23 in May. Despite the gain over the past two months, the moving average measure, which smooths out the volatility, stands at -4.56, mired deep below average growth for the Oregon economy (0.0 on this scale). Highlights of the report include:
While the initial phase of firm re-openings supported the economy in May and June, the road ahead is more difficult. A rise in Covid-19 cases both statewide and nationally prevents a full-reopening of the economy. Moreover, layoffs continue at an elevated pace and high-frequency data from the Census indicate that employment might fall in July while Congress has yet to pass a continuation of now-expired enhanced unemployment benefits. Until the pandemic is contained, expect a slow and choppy recovery.
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