Local economists say that Oregon and the nation face at least a 40 percent chance of recession.
Local economists say that Oregon and the nation face at least a 40 percent chance of recession.
Tim Duy, a University of Oregon economist who called the last recession, went further Monday, saying the state faces better than even odds of another one. Duy spoke after his monthly report on state and national economic indicators showed a fifth straight month of decline.
In Oregon, a downturn would hit an economy still reeling from the last national recession, which ended officially in June 2009. Statewide unemployment, only recently out of double digits, could be expected to rise again. Declining tax revenues would force yet more state and local budget cuts, scenarios that Gov. John Kitzhaber and the Legislature are already examining.
“The probability of recession has really gone up dramatically,” Duy said. “The rapidity with which things have deteriorated is kind of distressing.”
Read more at OregonLive.com.
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