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The Virginia economy got back on track in May and resumed its upward trend, as 10 of the 18 indicators used in evaluating the state’s economic well-being improved, according to Patricia W. Arthur, editor of the Virginia Employment Commission’s “Economic Indicators” magazine.
Of the six leading indicators, those that tend to foreshadow change, three improved over April’s levels, two declined, and one was unchanged, Arthur wrote in the June issue. Average weekly initial claims for unemployment compensation fell 16.8 per cent to 5,070. Total accessions to manufacturing payrolls rose modestly to 38 per 1,000 from 37. The new hire rate also noted a slight gain to 30 per 1,000 from 29. Declining were the work week for manufacturing production workers to 40.2 hours, down from 40.3 in April, and nonagricultural job placements by the VEC, which dipped to about 7,000 in May from 7,400. Unchanged was the layoff rate in manufacturing, at six per 1,000.
Four of the indicators that coincide roughly with the
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