URI economist: Rhode Island economy shows continued momentum

WHAT: The improving pace of economic activity in Rhode Island continued to pick up momentum from July to August, marking the 17th straight month of economic expansion (or restoration) for the state, says noted University of Rhode Island economist Leonard Lardaro. According to Lardaro, Rhode Island’s Current Conditions Index for August rose to 92 – up from 75 – with 11 of 12 key CCI indicators showing improvement. Among them, Retail Sales, Total Manufacturing Hours, and Manufacturing Wage continued improvement. Employment Service Jobs – a leading labor market indicator that includes temporary workers – showed improvement for a second month after six consecutive months of (annual) declines said Lardaro. To date, Lardaro sees no significant damage to the state’s economic momentum as the result of monetary tightening by the Federal Reserve; however, he cautioned this could well change as large rate hikes are expected to occur through the remainder of the year.

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

WHEN: Oct. 17, 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.