Leonard Lardaro, a top economist at the University of Rhode Island, is voicing concerns about the state of the Rhode Island economy.
“I have become increasingly concerned that a number of indicators, specifically leading indicators, are continuing to fal
Rhode Island’s economy continued to show signs of slowing in November, says University of Rhode Island Economist Leonard Lardaro, with the Current Conditions Index dropping from 75 to 67. While eight of 12 key CCI indicators showed improvement, their rate of growth has slowed. Further, those four indicators which failed to improve – U.S. Consumer Sentiment, Single-Unit Permits, Employment Service Jobs and New Claims for unemployment insurance, leading economic indicators – remained weak. Employment Service Jobs declined sharply after four months of improvement and 2 additional indicators – Retail Sales and Total Manufacturing Hours – slowed substantially. Although this was the 17th consecutive month in which Rhode Island’s economy expanded (a CCI above 50), Lardaro states the weakening of these indicators calls into question how rapid the pace of economic growth will be through the end of 2022 and into 2023. .
After two extremely strong months, Rhode Island’s economy appeared to slow a bit in October, says University of Rhode Island Economist Leonard Lardaro, with the Current Conditions Index dropping from 92 to 75. While not completely unexpected given the pace of the state’s economic activity for more than a year, Lardaro cautions that a slipping monthly performance could translate into annual changes. With 9 of 12 key CCI indicators still showing improvement, Employment Service Jobs declined sharply after four months of improvement and 2 additional indicators – Retail Sales and Total Manufacturing Hours – slowed substantially. Despite this, Rhode Island’s economy continues to remain in expansion territory (a CCI above 50) – and has been for 16 consecutive months. Although a number of indicators seem to point to slowing in the coming months, Lardaro says it is too early to make predictions. Both monetary policy changes and the large amount of federal funds received by the state
After two extremely strong months, Rhode Island’s economy slowed a bit in October. For both August and September, the Current Conditions Index reached values of 92, with all but one indicator improving. More impressively, the CCI indicators for each of th