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VIRGINIA’S economic outlook continues good despite a downturn in December when 15 or 18 indicators used to measure the economy dropped from their November levels, according to J. Gordon Gifford, editor of the Virginia Employment Commission’s Economic Indicators magazine.
“We had been expecting a leveling off or slight, decline since October,” Gifford said, “but it did not materialize as soon as we thought it would.”
“The energy crisis seems to have had little to do with December’s poor performance,” he added. “The rise in unemployment insurance claims, for instance, can be attributed in part to the temporary stopping of construction work because of the heavy snow in mid-December. Also, many manufacturing workers on reduced work schedules lost enough time from work to qualify for partial unemployment insurance benefits, but were not considered unemployed.
THE VEC’S forecast for 1974 which appeared in last
95.3%