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final goods and services appears to be 2006's 1.8 percent. Oregon's employment <br /> impacting the business mood. In 2007, growth rate, which has surpassed the nation's <br /> business capital spending on structures, for the last four years, reached 1.7 percent in <br /> <br /> plants, equipment and software weakened 2007 following growth of 3.0 percent in 2006. <br /> appreciably, growing just over 1.0 percent. Even slower employment growth, less than <br /> Furthermore, a slight decline of less than 1.0 1.0 percent, is forecast for both Oregon and <br /> <br /> percent is expected for 2008. Figure 15 the nation during 2008 and 2009. The labor <br /> illustrates the relationship between changes in market will likely begin slowly rebounding <br /> real business capital spending and real GDP midway through 2010, with growth rates for <br /> growth. Although the recent dip in capital the rest of the forecast horizon averaging 1.1 <br /> investment spending appears considerable, it percent nationally and 1.6 percent for Oregon. <br /> is much more muted than the 1998 to 2001 <br /> "dot-com" decline and the corresponding Figure 16: Oregon and U.S. Employment <br /> downturn in 2001. The current baseline Trends <br /> outlook is for investment spending to begin <br /> rebounding during the second half of 2009. 6°'° <br /> An average annual real growth of 4.8 percent 4°% <br /> is forecast for 2009 through 2015. However, it ~ 2°,° <br /> is not expected that growth will approach the ~ 2~0- <br /> ° <br /> rates observed during much of the 1990s. ~ 1~8- <br /> 3 <br /> a -2% 3 <br /> E 1.6- ~ <br /> Figure 15: GDP Growth and Business W <br /> Capital Spending 1.4- <br /> 1.2- <br /> 1990 1995 2000 2005 2010 2015 <br /> 16% <br /> ~ Oregon Employment Oregon -Percentage Change <br /> -U.S. -Percentage Change <br /> 12% <br /> 8% <br /> Figure 17 shows real personal income per <br /> o 4°'° capita in the U. S currently at roughly <br /> L <br /> $33,000 (in 2000 dollars). Real personal <br /> 0% <br /> income per capita increased about 2.6 percent <br /> _4°'° in 2007. A slower rate of growth is expected <br /> for the remaining years of the forecast period, <br /> 1990 1995 2000 2005 2010 2015 <br /> averaging approximately 2.0 percent. <br /> Real GDP Percentage Change Whereas this growth rate exceeds the average <br /> -Real Business Capital Spending Percentage Change <br /> annual rate of 1.8 percent experienced since <br /> 1990, it still falls short of the rapid growth <br /> Slowing employment growth is another encountered during much of the late 1990s. <br /> <br /> potential threat to consumers and the <br /> economy. Employment generates wages and <br /> salaries, the dominant component of personal <br /> income that propels consumption spending. <br /> Based on recent reports, it appears that <br /> businesses are becoming more cautious about <br /> hiring. As Figure 16 shows, the data reflects <br /> national employment growth of just 1.1 <br /> <br /> percent for 2007, considerably lower than <br /> 25 <br /> <br />