WHAT: University of Rhode Island economist Leonard Lardaro noted a number of positive changes in Rhode Island’s economy in August. The creator of the Current Conditions Index points to the strengthening U.S. economy as a major contributing factor. While Lardaro’s Current Conditions Index, which reflects cyclical economic momentum, has registered the state in contraction territory since January of this year, August saw Rhode Island return to a neutral value of 50. Among the positive changes, Lardaro notes resident employment and Labor Force participation have been improving on a monthly basis since early spring. Other key indicators showing improvement were Unemployment Rate, New Claims for unemployment insurance, Manufacturing Wage and Retails Sales, along with U.S. Consumer Sentiment. Of course the state is not “out of the woods” yet says Lardaro, as other key economic indicators such as Total Manufacturing Hours, Employment Service Jobs and Single-Unit Permits were disappointing. 

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

WHEN: October 11, 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.