WHAT: The year 2008 continues to be a nightmare for Rhode Island’s economy. The Index remains at 8 for March, pointing to a second and deeper recession phase. Fifty is a neutral value—anything below that represents contraction, while anything above it represents expansion.

WHO: Professor Leonard Lardaro, creator and author of the Current Conditions Index.

WHEN: For release today, May 12, 2008

HOW: Use enclosed information, including summary and charts prepared by Lardaro for news reports. He is available for broadcast and print interviews. The new information and other historical information can also be found on Lardaro’s web site at http://members.cox.net/lardaro/current.htm.

FOR

INFORMATION: Leonard Lardaro, office, 401-874-4128, home, 401-783-9563

Dave Lavallee, URI Department of Communications, 401-874-2116.

BACKGROUND: The Current Conditions Index, created by Lardaro, measures the strength of the present economic climate in R.I. by following the behavior of 12 indicators.