WHAT: There has been a well-defined downward trend in Rhode Island’s economic momentum that has existed since the late summer of 2022, leading to continued economic weakness in July, said University of Rhode Island economist Leonard Lardaro. Lardaro’s Current Conditions Index, which reflects cyclical economic momentum, has registered in either contraction or neutral territory for all but one month since December of last year. July’s CCI was 33, with only four of twelve indicators–U.S. Consumer Sentiment, Manufacturing Wage, Government Employment, Retail Sales and Unemployment Rate–showing improvement. Lardaro continues to believe the state is in a “statistical recession” and that things look much different from what might normally exist if the state were in a typical recession. While higher income individuals have continued to do very well, he notes things are quite different for middle-income Rhode Islanders and those at the other end of the spectrum.  

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

WHEN: September 19, 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.