08/05/2008

Associated Press

A monthly University of Oregon economic index suggests the state is in a mild recession even though the economy held steady in June.

University economist Tim Duy says his index of economic indicators rose 0.4 percent last month.

Nonfarm payrolls increased by 1,600 jobs, the first employment increase after three consecutive declines.

Among the eight indicators used to compile the index, seven either held steady or improved with only one decline, and that was weak U.S. consumer confidence.

But compared to six months ago, the index is down 3.2 percent on an annualized basis — a decline that Duy says is consistent with at least a mild recession.

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Information from: The Register-Guard, http://www.registerguard.com