During this year’s Partnership with Community Day on March 25, Eldon R. Lindsay Professor of Economics and Finance, Clifford F. Thies, Ph.D., and his Principles of Microeconomics class conducted an economic survey of Winchester, Va. Two hundred and thirty-nine residents of the City of Winchester were surveyed by students on matters such as employment and unemployment, inflation and the cost of living, and consumer confidence. Students were assigned various blocks scattered through the city, on which they interviewed up to five people.
The survey found that economic conditions in Winchester are improved from two years ago, when a similar survey was conducted; but, still less than satisfactory. Unemployment is down from 9.5% to 7.1% and underemployment (which takes into account people who work part-time who would prefer to work full-time) is down from 24.8% to 20.0%.
Nationwide, according to the U.S. Dept. of Labor, the official unemployment has fallen from 8.2% to 6.7% and the expanded U-6 unemployment rate from 14.5% to 12.6%.
Expected inflation in Winchester is even lower than it was two years ago, 2.4% versus 3.3%. According to the Survey Research Center of the University of Michigan, it has fallen nationwide, to 4.0% from 4.7%.
Consumers remain pessimistic in Winchester, although not as badly as two years ago. This year’s index stands at minus 4.1 (with zero being neutral), compared to minus 15.3 two years ago. Nationwide, the Quinnipiac Poll and the CBS Poll show give similar results.