URI economist: State in early stages of pandemic recovery

WHAT: For the fifteenth consecutive month, Rhode Island’s economy continued to improve says noted University of Rhode Island economist Leonard Lardaro. According to Lardaro, Rhode Island’s Current Conditions Index for June remained at a steady value of 67 unchanged from its April and May values and slightly down from its January through March values of 75. The continued momentum of expansion and restoration values are noteworthy due to the fact the CCI is predicated on year-over-year changes, and last year’s “comps” would be difficult to beat. Several key economic variables – among them Resident Employment, Retail Sales and Total Manufacturing Hours – have regained all or most of what they lost during the pandemic. While not all indicators improved in June, in contrasting CCI values this year with those two years ago Lardaro says the results are striking, suggesting that Rhode Island’s true overall recovery has begun.

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

WHEN: Aug. 15, 2022.

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.