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Va. CEOs say labor shortages, inflation hurting business
Labor shortages and inflation are negatively impacting Virginia businesses, and expectations for sales, employment and capital spending are less positive than during the previous two quarters, according to the third quarter CEO Economic Outlook Survey by the University of Richmond‘s Robins School of Business and the Virginia Council of CEOs (VACEOs). More than 80% of […]
Richmond Fed: Va. gained 8,000 jobs in Sept.
Virginia employers added 8,000 net jobs in September, marking the first month in which total employment has exceeded pre-pandemic levels, representatives from the Federal Reserve Bank of Richmond said Friday. While that’s good news, job recovery continues to be uneven across sectors, with employment in the transportation and warehousing sector exceeding pre-pandemic levels by 10.5% […[...]
Fifth District economy little changed since August, Fed says
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has been largely unchanged since August, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic […[...]
Fighting back
Inflation and supply chain problems have pushed up the price of citric acid by 200%. That’s a problem for Crystal Wellman because citric acid is a primary ingredient in bath products she sells at Sugar + Spruce, her bath, body and skin care products shop in downtown Fredericksburg. Wellman could try just raising prices, but […]
Keeping watch
The question of the quarter: Are we entering a recession? One key indicator of a future recession can be inflation, which hit a 40-year high this year. Between June 2021 and June 2022, the consumer price index increased by 9.1%, according to the U.S. Bureau of Labor Statistics. One of the first tangible signs for […]
Va. layoffs and discharges down in June
Virginia companies put the brakes on layoffs in June, even as workers continued to seek new opportunities, refueling the Great Resignation. Virginia had 28,000 layoffs and discharges in June, a decrease of 13,000 from May, according to U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS) data released last week. That marked […]
Va. hotel revenues up slightly over 2019
Northern Virginia’s hotel market continues to be a drag on the lodging industry’s performance in the commonwealth as a whole, according to recently released data from STR Inc., a division of CoStar Group Inc. that provides market data on the U.S. hospitality industry. The latest data show rooms sold decreased by 4.6% in Virginia through […]
Va. CEOs worry about inflation
Inflation is bad for Virginia businesses. That was the biggest takeaway from a survey of Virginia CEOs in July. The University of Richmond‘s Robins School of Business and the Virginia Council of CEOs administered the survey from July 7 to July 14, with 63 executives responding. “It is no surprise that inflation is hurting small […]
Guardians of the treasury
How’s this for an anxiety recipe? Serious supply-chain woes. A worsening labor shortage. Historic inflation. Rising lending rates. Soaring fuel and energy costs. An exceptionally volatile stock market. Growing cybersecurity threats. Global instability. Oh, and the pandemic that started more than two years ago is still with us. Can you imagine a tougher time to […]
Prince George County hires economic development director
Prince George County has appointed Panayiotis “Yoti” Jabri its director of economic development, effective Aug. 1. Jeff Stoke, who became the county’s administrator on April 12, selected Jabri as his successor. “We are very pleased to be able to appoint Mr. Jabri to this very important county position,” Stoke said in a statement. “He has […]
Virginia ranks 3rd in CNBC’s Top States for Business
After two consecutive years at the top, Virginia slipped to third place in CNBC’s 2022 America’s Top States for Business rankings, the business news channel announced Wednesday morning. North Carolina achieved the coveted No. 1 ranking this year. “A great education system is building a smart workforce,” CNBC said about Virginia this year. “But migration […]
Higher gas prices are needed
The U.S. inflation rate, which reached 8.6% in May, is at its highest point in 40 years. In 1982, it was just over 6%. Since then, the U.S. inflation rate has hovered mostly in the 2% to 4% range. The inflation rate is determined by changes in the cost of a fixed basket of 80,000 […]
