Lardaro: February growth ‘tepid at best’

PROVIDENCE – Rhode Island’s economic growth in February was “tepid at best,” according to Leonard Lardaro, a University of Rhode Island economist.

Lardaro’s Current Conditions Index, released April 11, was 67, an improvement from January’s 58, but the same compared with February 2015.

CCI measurements higher than 50 suggest economic growth; a value below 50 indicates contraction.

The monthly value reflects 12 broad-based indicators of economic activity, including government employment, retail sales and unemployment rate.

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“The good news, as far as good news here goes, is that this CCI value this month matches the second-highest value from last year, a number we saw for eight of the 12 months in 2015,” Lardaro wrote.

Lardaro said although eight of the 12 indicators showed improvement, all but one were tepid. The exception was single-unit permits, for new-home construction, which grew 185.7 percent. •

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