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September and October, and well below the average decrease for all of 1987.”
The bureau’s sample of retail sales showed a drop of 2.6 percent statewide in November, but total taxable sales rose by 6.8 percent (October figures). Mr. Pearson said those two pieces of information “point to a highly competitive retail environment, but with total retail spending clearly still rising in Virginia.”
Another small negative in Virginia’s economy during November w as the dollar value of building permits, which dropped 1.1 percent year-to-year. Bank debits were down 4.5 percent, but Mr. Pearson noted that this indicator is “highly volatile and subject to very wide monthly swings.”
On the positive side, non-agricultural employment recorded a 2.4 percent gain in November, “a sign of steady hiring in Virginia.” Overall, the November economic picture
89.9%