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Jon Talton

Analysis and commentary on economic news, trends and issues, with an emphasis on Seattle and the Northwest.

August 27, 2013 at 10:23 AM

Real recovery still eludes Oregon

fredgraph

Washington’s unemployment rate in July was 6.9 percent but across the Columbia River the rate stood at 8 percent. Oregon continues to struggle out of the Panic of 2008. The economic indices compiled by the University of Oregon (the latest shows June) indicate that none of the state’s region’s have fully recovered. Metro Portland is doing the best, while the Rogue Valley and Salem are faring worst.

The recession was especially hard on the state for several reasons: Its heavy exposure in manufacturing, continued reliance on forest products and a real-estate bubble in Bend. As I wrote before, the ills in Portland risk being overstated. The Brookings Institution’s Metro Monitor shows Portland doing fairly well from the trough of the downturn to June — the exception is job creation. But the rest of the state faces a much harder slog. (To be sure, 14 other states have worse unemployment rates, including South Carolina, Kentucky, Georgia and North Carolina).

One other telling metric: From 2010 through July 2012, Oregon’s population increased by only 1.8 percent. In Washington, the rate of increase was 2.6 percent.

I was contemplating a column evaluating the tenure of Federal Reserve Chairman Ben Bernanke, when I received this in my in box from ben_bernanke11@outlook.com. In the interests of transparency, I will quote it in full as written:

The Federal Reserve Board
NEW YORK.

ATTN:

CONTRACT FUND CREDIT FROM BANK FEDERAL RESERVE BOARD

We received the instructional letter to credit $10.5million to your account

We wish to let you know that all Difficult has be removed for the success of this contract fund to be credited into  your account.

Your respond is required to enable us credit your account without any further  delay and you are also required to get back to us with the reconfirmation of your banking particulars for we to know if what we have in file is correct and to avoid crediting your fund to wrong account.

However, you shall required to provide the followings datas below:

{1}. Your Full Name and Address.:

{2}. Your Confidential Tel, Cell and Fax.

{3). Your Bank name and address.:

{4). Your A/c Name and A/c Numbers.:

(5). Your Swift Code / Routing Numbers.:

(6). Your Current Occupation And Your Working ID.

Please do provide the above information accurately, because this office cannot afford to be held liable for any wrong transfer of funds or liability of funds credited into a ghost account.
CONGRATULATION TO YOUR CONTRACT FUND.

Please be fast on this matter.

Thanks and God bless you.

Regards,

Ben S. Bernanke
Chairman Bernanke
Chairman Federal Reserve Bank New York,

So now we know how QE really works.

And Don’t Miss: The great lesson from the Great Recession | Mark Thoma/Fiscal Times

Today’s Econ Haiku:

Hot money cooks BRICS

When investors pull away

Nations hit the wall

0 Comments | More in Pacific Northwest economy | Topics: Oregon economy

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