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 4 · column 4 of 6 · from the scan, no model involved
The report also shows “conclusive evidence of a decrease in demand for a broad range of goods and services” in the state, said Roy L. Pearson, director of the Bureau of Business Research and editor of the report. The lower demand will have a negative impact on the employment and income outlook, he said.
Mr. Pearson based his conclusions on the recurring decreases in nine economic indicators measured by the bureau. For July, the statewide totals for six of the seven most current economic indicators showed a decrease compared to July 1988.
“In both May and June, five of the seven decreased, so we now have three consecutive months in which a majority of the seven early indicators have fallen,” said Mr. Pearson. “Furthermore, the recent declines have been strong enough to pull the cumulative year-to-date changes into the red for most series.”
Two indicators that have shown remarkable strength despite the general downturn in activity are nonagricultural employment and retail sales. Mr. Pearson calls the two statistics “lagged indicators” because available figures run one month behind.
Although the pace of economic growth will remain slow for the next 12 to 18 months, the lopg-range economic outlook for Virginia is still very positive, according to Mr. Pearson. Above average growth in real income per person and in total income should continue throughout the next decade, he said.
95.9%