Oregon’s economy is growing at its historic average rate, according to a new report out of the University of Oregon.
Manufacturing activity is bolstering the U of O’s index of economic indicators.
Tim Duy, of the Economics Department, says strength in manufacturing is pushing employment up and increasing the average number of hours that employees are working.
“Manufacturing hours worked has been near its cycle highs. And that tends to show a need, I think for future hiring. And so that should be a good source of activity going forward,” Duy said.
On the other hand, Duy says household spending is still restrained by elevated unemployment.
These latest numbers reflect activity in August, well before the federal government shutdown.
Duy doesn’t expect the shutdown to have a big effect on Oregon’s economy, unless it lasts for more than a couple of weeks. But a failure to deal with the nation’s debt ceiling could significantly affect the economy.