URI economist shares updated data showing rosier outlook for Rhode Island economy – Rhody Today

URI economist shares updated data showing rosier outlook for Rhode Island economy – Rhody Today

University of Rhode Island Economist Leonard Lardaro is the creator and author of the Current Conditions Index. Despite initial 2023 data indicating that Rhode Island’s economy was heading into a recession, revised data on the labor market paints a more positive picture, according to Lardaro. While cyclical momentum was lackluster, with Current Conditions Index values hovering just above expansion territory at 58 for 7 out of 12 months, certain indicators show strength going into 2024. In January 2024, the CCI value was 58, with strong showings in Retail Sales, Private Service-Producing Employment, Government Employment, U.S. Consumer Sentiment, Total Manufacturing Hours, Manufacturing Wage, and Labor Force participation. However, there were areas of weakness, such as Single-Use Permits, Benefits Exhaustion, New Claims for unemployment insurance, and Employment Service Jobs. Lardaro believes that overall, the Rhode Island economy is in better shape than originally thought and has not experienced a recession. He stated that “Stuck in first gear is better than going in reverse.”

Leonard Lardaro has prepared a summary and charts for news reports, and he is available for broadcast and print interviews. He will also be blogging about the new labor data in the coming weeks. Additional information, including historical data, can be found online at http://www.llardaro.com/current.htm.

The announcement was made on March 12, 2024. For more information, individuals can contact Leonard Lardaro at his office at 401-874-4128 or his home at 401-783-9563. Dawn Bergantino of the URI Department of Communications and Marketing can also be reached at 401-874-4147.

The Current Conditions Index, developed by Lardaro, assesses the current economic climate in Rhode Island by monitoring the behavior of 12 different indicators.

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