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 3 · column 2 of 6 · from the scan, no model involved
toilers, the outlook for 1990 is for better growth than in 1989, he added.
“We predict retail sales will rise by 6.5 percent, noticeably better than this year’s 5.0 percent; and, with lower inflation, the real gain will be an even more dramatic improvement. Real wage gains for individuals, as well as steady overall growth in real income, will both encourage and finance a moderate rebound in retail sales growth in Virginia.
The news for the construction industry is not as rosy. Construction employment will begin to decline in 1990, according to bureau analysts. Housing starts already have fallen and will continue to do so next year, while at the same time commercial building plans are decreasing.
“As the current commercial work in progress is completed, construction employment will be cut back gradually to more sustainable levels,” Mr. Pearson predicted.
Nationally, Mr. Pearson said 1990 will show moderate real growth, with a 1.9-percent real increase in the gross national product in 1990, followed by a slightly stronger 2.5-percent gain in 1991. The GNP is a major indicator of the nation’s economic activity and is the total value of all goods and services produced in the United States.
“Those two growth rates will be sufficient to hold the annual unemployment rate below six percent while inflation, as measured by the consumer price index for urban con
94.3%