EUGENE, Ore. (AP) -- The monthly index of economic indicators compiled by the University of Oregon has improved for the fifth straight month, suggesting the state is recovering from the recession.
University economist Tim Duy said the index showed tentative improvements in the labor market for December even though a return to nonfarm payroll levels before the recession will require months of strong growth.
His report said that initial unemployment claims continued to edge downward, signaling a slow but steady reduction in the pace of layoffs. But he noted claims remain above the highest levels of the previous recession in 2001.
The report said a modest increase in residential construction permits suggest the market likely hit bottom last fall and is improving. But there were only 678 permits in December compared to 2,651 permits in December 2005 during the housing boom.
