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WILLIAMSBURG - Six out of seven state economic indicators performed worse in September than in August, revealing farther softening of consumer demand and paving the way for a statewide recession, according to the latest Virginia Business Report from the College of William and Mary.
“Three indicators showing statewide declines in August fell by even greater percentages in September,” said Roy Pearson, director of the Bureau of Business Research and editor of the monthly report. Newspaper' advertising lineage dropped 5.5 percent in September, “revealing further cutbacks by retailers,” Mr. Pearson said, and building permits declined 15.8 percent statewide.
The third indicator, new car registrations, “plummeted 22 percent this September, indicating consumer demand for big-ticket durable goods deteriorated even more after the Kuwait invasion,” Mr. Pearson added. “Sixteen of the 17 urban areas which we monitor had large declines, mostly double-digit. Only the Roanoke area achieved higher carsales.”
Retail sales, which had showed some gains during August, took a downward turn in September. Mr. Pearson said the decrease “signals that Virginia households for now are cutting back broadly in their purchases, not just avoiding major ones such as cars.”
Two indicators that rose statewide in August, bank debits and electricity consumption, also increased in September, but by smaller percentages. September bank debits rose 4.6 percent, failing to match the 7.6 gain in August. The figure signals “a general slowdown
92.5%