WHAT: Rhode Island’s economic recovery continued in October, maintaining its September CCI value of 83, said URI Professor of Economics Leonard Lardaro. The Current Conditions Index is predicated on year-over-year changes. Lardaro noted this month’s results were based on relatively easy “comps” from last year – the October 2020 CCI was 17. However, he notes this is also the state’s seventh consecutive CCI expansion value, with 10 of 12 indicators showing improvement relative to their position last year. Those CCI indicators showing significant improvement include: Retail Sales, Total Manufacturing Hours, New Claims for Unemployment Insurance and Single-Unit Permits.
Lardaro states that changes in economic indicators continue to be a mix of adverse pandemic effects being increasingly offset by the impacts of re-opening much of the state economy, combined with monetary and fiscal policy. While Rhode Island’s economy continues to move in the right direction, Lardaro predicts the recovery will continue to be uneven and that the state is still at least two to three years away from returning to “normal,” even with the influx of federal stimulus.
WHO: URI Professor of Economics Leonard Lardaro, creator and author of the Current Conditions Index.
WHEN: December 13, 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.