U.S. job growth stalled in September as payrolls declined by 8,000 jobs. However, close to 56,000 jobs were lost from the effects of Hurricane Floyd. Consumer confidence fell for the third consecutive month, but remains at historically high levels.
Consumers continue to spend as fundamentals are solid and inflation is low.
The index of leading economic indicators suffered its first decline since April, signaling some evidence of declining economic momentum but this is considered a good sign for future economic stability. As expected, the Fed held monetary policy steady at their October 5 meeting. In Virginia, the economy remains on a solid growth path as jobs grew by 2.4 percent in August from year-ago levels. Individual Income Taxes Net individual income tax receipts were up 9.4 percent from last September. Withholding receipts increased 10.2 percent for the month.