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WILLIAMSBURG — While positive factors converged to create an economic high water mark for the state last summer, that performance was not repeated this year, according to the latest Virginia Business Report from the College of William and Mary.
Six of nine indicators for July fell short of last year’s levels, and negatives dominate the month’s statistics, said Roy Pearson, director of the Bureau of Business Research and editor of the report. Most of the statistics point to a drop in consumer spending across the board.
Bank debits, an indicator which measures spending from checking accounts, dropped 15.8 percent in July from the same month last year. While one month’s data does not necessarily represent an ongoing trend, “debits also were down in J^ne and have experienced a cumulative 7.2 percent fall for January through July,” said Mr. Pearson. “Those re
93.5%