PORTLAND, Ore.– The forecast for this quarter was much more upbeat than what we heard in May. Josh Lehner with the Oregon Office of Economic Analysis shared some of the highlights with the Westside Economic Alliance.
The Cares Act and government stimulus checks helped incomes up. Low income workers those earning 40k or less are the group hardest hit by Covid-19, Riots, and now wildfires.
Lehner says it’s too early to tell how the wildfires will impact the economy. Indicators are it will be severe. The economy slowed way down in May and everyone started predicting recession. A slowdown was seen but so was a snap back. What was predicted to be a 4 year recovery could be done in 3 years. More new businesses were opening much like last year. More families appear to have money to put in savings.