WHAT: University of Rhode Island economist Leonard Lardaro expressed optimism in viewing the state’s economic performance in February. Following the release of revised labor market data last month, which Lardaro stated “painted a very different and more optimistic picture” of Rhode Island’s economic performance last year, the Current Conditions Index value improved from 58 in January to 67 in February, with eight of 12 CCI indicators improving. Among them, Single-Unit Permits, Total Manufacturing Hours, Manufacturing Wage, Government Employment showed strong and meaningful improvements, he said. Retail Sales, Private Service-Producing Employment and U.S. Consumer Sentiment continued to show strength. And, most significantly—according to Lardaro—Labor Force Participation rose again in February, its seventh consecutive annual increase. While Lardaro expressed some concern over the state’s ongoing labor market strength, he notes the state economy may finally be breaking out of first gear where it seemed to have been stuck for the better part of last year.

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.

WHEN: April 12, 2024

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.