Forecast: Oregon economy is slowing down
Published 8:00 am Wednesday, November 16, 2016
SALEM — Overall, Oregon’s economy is encountering an economic slowdown, state economists said during a quarterly revenue and economic forecast presentation to legislative revenue committees Wednesday.
While rates of job growth are slowing, that’s not necessarily bad news, said state economist Mark McMullen, noting that high growth rates measured in previous recent assessments of Oregon’s economy were not sustainable.
Oregon still outpaces most other states in terms of employment growth.
As employment improves, poverty rates may also start to improve, and caseloads for state services may also decrease, though such changes are only starting to take root.
State economists have noted in the past that economic improvements also take longer to manifest in the state’s rural communities.
Income for Oregonians with the lowest 20 percent of incomes and middle 20 percent of incomes are improving, although they’ve not reached pre-recession levels.
McMullen noted that last week’s election of Donald J. Trump as president presented a “wild card”: the economist said it is too early to tell how the president-elect’s specific policies could impact the national and state economies.
Trump promised tax cuts as well as major infrastructure investments during the campaign.