Several economic indicators in the state reflected a slowdown in the pace of economic activity during the third quarter. Non-agricultural employment was essentially unchanged. The value of building permits, which reflect construction plans, declined 1.4 percent, and new claims for unemployment benefits rose 11.7 percent for the quarter. The average manufacturing workweek declined to 42.4 hours.
Nationally, non-agricultural employment improved 0.1 percent in the third quarter. During the past 12 months, non-agricultural employment has risen 1.7 percent in Virginia, while the number of new jobs grew 2.1 percent for the nation.
Virginia manufacturing employment was down 0.6 percent during the third quarter. Only the electrical machinery sector reported job growth. Employment was lower in the transportation equipment, non-electrical machinery, lumber, textiles, apparel, food processing, paper and printing sectors.
Non-manufacturing employment was essentially unchanged in the third quarter. Employment gains were recorded in the contract construction, services and government sectors. Employment was lower in the wholesale/retail trade sector.
Virginia’s seasonally adjusted unemployment rate for the third quarter averaged 2.5 percent, down 0.1 of a percentage point from the revised figure for the second quarter of 2000. The national rate was 4 percent, unchanged from the previous quarter.
The Wachovia Virginia Business Index measures the state’s economic activity quarterly. Using 1987 as a base of 100, the index reflects changes in the real value of goods and services produced in the state. Data are adjusted to smooth the effects of historical seasonal fluctuations and other statistical aberrations.
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