Today's release of the Oregon Economic Indicators for May 2012 reports on two measures: the Oregon Measure of Economic Activity, and the University of Oregon Index of Economic Indicators. Both offer upbeat news.
The Oregon Measure of Economic Activity shows that the state experienced an acceleration in economic activity in May. The measure rose to 0.20 for the month, and the April measure was revised up to -0.05. Any reading above zero means that Oregon is growing faster than its average over the period from 1990 to now. So, Oregon appears to be growing at or somewhat above its average growth rate of the last two decades. Both the manufacturing and services sectors pulled up the economic measure, while household and construction sectors remained a drag.
The University of Oregon Index of Economic Indicators also saw a gain, adding 1.0 percent in May. The index was boosted in part by declining initial unemployment claims and the rise of residential building permits to their highest level since November 2008. The UO Index shows continued growth in Oregon, but weaker overseas economies and the path of fiscal policy remain as concerns on the horizon.