Rhode Island showing accelerating momentum moving into economic recovery says URI economist

WHAT: Rhode Island’s Current Conditions Index (CCI) for July rose to 100, exceeding its upwardly revised value of 92 from June with all 12 of its economic indicators showing improvement relative to their position this time last year according to URI Professor of Economics Leonard Lardaro. Among them, Retail Sales, Manufacturing Hours, Employment Service Jobs and Single-Use Permits all improved at double-digit rates, while New Claims for unemployment insurance fell by 35.9 percent. Though he cautioned that these improvements do not mean Rhode Island’s economy has returned to pre-pandemic levels, Lardaro also stated the recent values show the recovery has been gaining momentum with July signifying the state now has  the “pedal to the metal.” However, Lardaro notes that despite improvement, a number of key economic indicators still remain well below where they were pre-pandemic and that Rhode Island’s long-term success will be dependent on improving the state’s business climate and how it ultimately allocates federal funds.

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

WHEN: September 15, 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.