URI economist: Rhode Island economic restoration underway, likely to continue into next year

WHAT: Rhode Island’s Current Conditions Index (CCI) for June matched its downwardly revised value of 83 from May – the third consecutive month at an expansion value, says University of Rhode Island economist Leonard Lardaro. All but two of its 12 indicators improved, with the exceptions being Government Employment and New Claims for Unemployment Insurance. Lardaro cautioned, however, that recent expansion values of CCI indicators are relative to extremely weak values last year. Despite this, he notes that the simultaneous reopening of many parts of our economy combined with massive monetary and fiscal policy stimulus are likely to allow this current expansion period to continue into next year. Total Manufacturing Hours, Retail Sales and Employment Services Jobs were among those indicators posting double-digit increases.

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

WHEN: August 16, 2021. (no embargo)

HOW: Use attached information, including summary and charts prepared by Lardaro for news reports. He is available for broadcast and print interviews. Lardaro will be blogging about the new labor data during the coming weeks. Additional information and historical data available online: http://www.llardaro.com/current.htm.

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

Dawn Bergantino, URI Department of Communications and Marketing, 401-874-4147.

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