Rhode Island’s economic restoration continued into November with a Current Conditions Index of 83 – its eighth consecutive expansion value – said URI Professor of Economics Leonard Lardaro. As in previous months, Lardaro noted the overall CCI, which is predicated on year-over-year changes, is based on relatively easy “comps” when compared against the November 2020 CCI of 25. Again the CCI saw 10 of 12 economic indicators, including Retail Sales, Total Manufacturing Hours, New Claims for Unemployment Insurance and Single-Unit Permits, show improvement relative to their position in November of last year. .
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Rhode Island’s economic recovery continued in October, maintaining its September CCI value of 83, said URI Professor of Economics Leonard Lardaro. The Current Conditions Index is predicated on year-over-year changes. Lardaro noted this month’s results were based on relatively easy “comps” from last year – the October 2020 CCI was 17. However, he notes this is also the state’s seventh consecutive CCI expansion value, with 10 of 12 indicators showing improvement relative to their position last year. Those CCI indicators showing significant improvement include: Retail Sales, Total Manufacturing Hours, New Claims for Unemployment Insurance and Single-Unit Permits. .
Despite rising steadily from April through July of this year, Rhode Island’s Current Conditions Index (CCI) for August reflected a slip in the state’s economic momentum, as it dropped sharply to 67 from its highest possible value of 100 in July. Despite the lower value, URI Professor of Economics Leonard Lardaro notes that this does not signal a decline in activity. The CCI has remained in expansion territory since April, says Lardaro – so activity continues to improve, albeit at a slower pace. Eight of 12 economic indicators continued to show improvement relative to their position this time last year – among them, Retail Sales, Manufacturing Hours, Manufacturing Wage, New Claims for unemployment insurance and Benefits Exhaustion. Lardaro expects the expansion to continue for the foreseeable future but estimates the Rhode Island economy is still at least two years away from returning to where it was pre-pandemic. .