ECONOMIC INDICATORS

Lardaro: R.I.’s recovery continues, slowly

COURTESY LEONARD LARDARO
RHODE ISLAND'S economic recovery continues but is doing so at a slower pace, according to University of Rhode Island economist Leonard Lardaro’s Current Conditions Index.
Posted 7/16/12

SOUTH KINGSTOWN – Rhode Island’s economic recovery continues but is doing so at a slower pace, according to University of Rhode Island economist Leonard Lardaro’s Current Conditions Index.

“It is clear that some of the momentum we witnessed as 2011 ended and we moved into 2012 has begun to fade,” said Lardaro. “This would be a very good time for [state leaders] to finally begin implementing needed changes.”

The CCI tracks Rhode Island’s economic performance over a dozen metrics supplied by the state Department of Labor and Training. A number greater than 50 signifies progress while a value less than 50 signals set backs.

The May index registered at 58, up from 50 in April. It was 50 in May 2011.

Lardaro has said fluctuations in some reported employment metrics would likely put May’s CCI at 67, down from a likely April CCI of 75 when revised numbers become available.

“I keep hearing many of our state’s leaders say things like ‘When things turn around.’ Things have already turned around – this is it,” Lardaro said. “They need to acknowledge the sad reality that we’re more likely to continue slowing from here, not magically get better.”

Seven CCI metrics showed improvement in May, including a 15.5 percent increase in single-unit permits and a 9.9 percent increase in retail sales.

However, new unemployment claims rose 8.6 percent, the labor force fell 1.2 percent, and employment service jobs declined 7.3 percent.

Lardaro’s numbers also indicate that Rhode Island’s unemployment rate remained at 10.7 percent in May and that total manufacturing hours improved by 2.3 percent.

No comments on this story | Add your comment
Please log in or register to add your comment
Calendar
PBN Hosted
Events

Only a few seats remain for PBN's Manufacturing Awards Dinner and Ceremony, Thursday, April 24th, at the Bryant University Bello Center. Don't hesitate. Register today!
  • Business Women
    Accomplished. Confident. Wicked Smart. Nominate women you know who deserve speci ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News