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Economic Situation Report: April 19, 2020
Economic Situation Report for April 19, 2020
As of 12:00 pm Sunday April 19, 2020, nearly 100,000 Oregonians had received an unemployment benefit payment, leaving roughly 200,000 Oregonians who filed an unemployment insurance claim still waiting for payments.
- The global demand for a barrel of oil is down to 1995 levels. This drop in demand is seen in local gas prices which were $2.50 last week, $0.08 lower than a week ago and $0.34 lower than a month ago.
- Hotel occupancy rates were down to less than 15% on average on week days and to less than 10% on weekend for the first full week of April.
Unemployment Payments slow to go out
Due to an antiquated computer system and unprecedented demand, the Oregon Employment Department is having difficulty issuing payments to unemployed Oregonians. For the second Sunday in a row there was a system error, and 60,000 people were incorrectly asked to re-start their claims. Despite having sufficient state funds and additional federal funds many Oregon families do not have cash to pay for essentials.
Global demand for oil at 1995 levels
The drastic drop in global demand and resulting lower prices are making their way to a gas station near you. Remember paying $4.38 for a gallon back in May 2012? Today, the national average for a gallon of regular gasoline fell to $1.82
In Bend the average price is $2.50/gallon with some gas stations charging prices as low as $2.29. This is down from $2.58 last week and $2.84 a month ago.
Hotels for essential workers only
Based on interviews with hoteliers and data reported for the first full week of April, hotels across Deschutes County had very few occupants. There were more overnight stays during the week with the primary occupants being essential workers. Weekend nights saw even fewer lodgers. This it down from an average 65% occupancy rate for this same week in April 2019, 2018 and 2017.
- Updated: 04/24/2020