Oregon’s economy continues to move at a pace slightly below the state’s historical growth average, according to a report of economic indicators released this week by the University of Oregon.
The indicators for September were down slightly from August’s figures, with economic activity measured at -0.66. Under the university’s formula, a measurement of zero represents average growth. August’s rate was -0.36.
The drop was based on Oregon Employment Department reports showing a reduction in state payroll, which offset some gains in home building activity.
The -0.66 measurement is improved from the depths of the recession, when the measurement bottomed out at -4. And it’s possible for September’s rating to be revised upward, pending revisions to recent Employment Department figures, according to the University of Oregon report’s author.