Economic forecast holds steady, despite head winds
Oregon's Office of Economic Analysis released its quarterly economic and revenue forecast in November.
In his blog, Economist Josh Lehner said the pace of economic growth nationwide has slowed down, but the data still shows no sign of a recession.
"For the eleventh year of expansion, such gains remain solid. To date, Oregon's slowdown is driven more by fewer hirings and a tight labor market, rather than an increase in layoffs. These dynamics, when combined with ongoing strong income growth keep the outlook intact. As confirmed by recently released Census data, current economic conditions in Oregon have rarely been better. The expansion endures even as risks remain elevated," said Lehner.
Lehner said the state's revenue is still strong from income tax and corporate tax payments.
The difficulty for economic forecasters is knowing if these gains are temporary or not.
Despite this, they are forecasting a stable economy, and the general fund to increase a little more than expected.
To see the forecast, click here.