Despite Rhode Island’s uneven economic recovery, momentum continues says URI economist

WHAT: Rhode Island’s economy regained some of the momentum it lost in August, said URI Professor of Economics Leonard Lardaro. After reflecting a slip the previous month, Rhode Island’s Current Conditions Index (CCI) for September increased to 83 from an August upwardly revised value of 75 with 10 of 12 economic indicators showing improvement. Lardaro noted that the changes in some indicators are the result of a mix of adverse pandemic effects being offset by the impact of the parts of the economy re-opening, as well as fiscal and monetary policy. But he said he is confident that the economy is continuing to move forward. Among some of the bigger movers from a year ago – Retail Sales increased by 15.8 percent and Total Manufacturing Hours increased by 11.6 percent, its sixth consecutive double-digit improvement. However, Single-Unit Permits and U.S. Consumer Sentiment both fell by more than 9 percent. Lardaro continues to estimate the Rhode Island economy is still at least two to three years away from returning to “normal.”

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

WHEN: November 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:

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.