Thursday, August 28, 2008

Job Losses Will Last Until 2009

From the Portland Business Journal:

State economists said Thursday that Oregon will continue to see a drop in employment through the first quarter of 2009, adding that the economy likely will not improve until the end of 2009 or the beginning of 2010.
Economists said President Bush’s stimulus checks will give the economy a “mild boost” in the third quarter of 2008, but “risks remain that once the stimulus checks are over, the economy will sink back into low growth or recession in the fourth quarter of 2008 and the first quarter of 2009.”
Reacting to the report, Gov. Ted Kulongoski said in a statement Thursday, “Rising energy prices, increasing costs of health care, and instability in the housing market are impacting consumer confidence and putting pressure on both national and state economic growth.