WHAT: Despite Rhode Island’s Current Conditions Index remaining steady at 67 for the month of December, University of Rhode Island economist Leonard Lardaro expressed concern stating that the CCI value represented a falloff from what had been witnessed last July through October. For the second consecutive month, according to Lardaro, those economic indicators which failed to improve – U.S. Consumer Sentiment, Single-Unit Permits, Employment Service Jobs and New Claims for unemployment insurance – were leading economic indicators. Although the CCI remained in expansion territory with 8 of 12 indicators improving, Lardaro notes these indicators are more an indication of where we are at present – as opposed to providing information on future direction. He warns this performance calls into question the pace of economic growth the state will see through 2023.

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

WHEN: Feb. 13, 2023

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.