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netaii sales increased only 3.7 percent in September, lagging behind July’s 6,5 percent and August’s 5.3 percent ’increases. Fourth-quarter retail sal$s gains are also likely to be under 10 percent, “more in line with income growth,” said Mr. Pearson. Growth in the state’s total taxable sales also slowed to less than 10
cent and 5.1 percent, respectively. For the first half'of this year, however, taxable sal6» were up 10 percent compared to the same period last year.
Other indicators showing lower growth rates for September alone include electricity consumption, up 6.6 percent over September 1985; nonagricultural employment, up 3.7 percent; and water consumption, up less than one percent.
Income statistics show that Virginians earned 7.1 percent more between January and July of this year than they did during the same period in 1985. “This is good growth, but still below the 8.4 percent growth rate achieved for all of 1985,” said Mr. Pearson. “The slower growth rate in personal income will continue and it foreshadows slower growth in retail sales and construction.”
Cumulatively for the first nine months of the year, only four of the eight leading economic indicators showed higher year-to-date growth over 1985. Building permits were up a cumulative 23.8 percent; electricity consumption, up 8.4 percent; water consumption, up 5.2 percent; and bank debits, up 22.9 percent.
“Electricity and water consumption rates have reflected the building boom as well as a rebound in Virginia manufacturing activity,” said Mr. Pearson, “and bank debits certainly have been influenced by the construction boom and high growth in consumer durable goods purchases.”
92.7%