Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 5 · column 5 of 6 · from the scan, no model involved
WILLIAMSBURG — Despite shifting consumer behavior and continued sluggishness in some economic indicators, the state’s employment outlook and overall economy remains strong, according to the latest Virginia Business Report from the College of William and Mary.
Five of the seven economic indicators for August fell below last year’s levels, but nonagricultural employment, which is the best gauge of how well the economy is doing, has risen 4.5 percent cumulatively for the year to-date. “The current year job growth still is very strong, clear evidence that the Virginia economy remains a growth leader,” said Roy L. Pearson, director of the Bureau of Business Research and editor of the report.
The bureau’s sample of stores showed retail sales per store down 1.9 percent in August and 1.7 percent for the year thus far. Those statistics confirm reports from retailers that competition for consumer patronage remains fierce, said Mr. Pearson. “Total consumer spending in Virginia has grown at a respectable pace, but expansion of retail businesses has equaled or exceeded that pace in many parts of Virginia.”
Although the bureau’s sample appears to conflict with the latest figures released by the Virginia Department of Taxation showing taxable sales for July up 20.3 percent, Mr. Pearson maintains that the state’s overall sales outlook is one of slower growth. Taxable sales for January through July rose only 5.8 percent over the same period last year, and he expects only moderate
89.6%