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Virginia’s retail sales grew at a strong rate — more than twice the natonal rate and about three times as fast as inflation, the report noted.
The Consumer Price Index, a major indicator of inflation trends, showed a 3.1 percent rise in prices over the last 12-month period. .*
While the news on housing starts and unemployment is good, Pearson is cautious about future trends because he believes the recovery is still fragile.
After new car sales posted modest gains over last year in May and June, sales dropped 8.4 percent from 1991 in July.
“The July plunge in new car sales is a warning that consumer demand remains volatile,” Pearson said.
In addition to the car sales slump, there was a double-digit decline in electricity use throughout the state in June and July, the report said.
Although the electric consumption drop might reflect a cool summer, it also offers no sign that business activity is picking up..
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