Let's start with the bad: Oregon projected revenues are off by $35 million, or so says the Oregon Office of Economic Analysis. This is no surprise and the state legislature has already been preparing for it. Still, never good to have to do more cutting.
The good is that after a unsettling downward turn, the Oregon Index of Economic Indicators has turned back to positive. This suggests that Oregon is starting to recover albeit slowly and that this trend may be expected to continue with all the usual caveats: Europe, housing, oil, etc.
The OEA blog has a nice summary for the state of the state's revenues. Here is the picture worth a thousand words: