PBN/e-forecasting index shows growth in October

FIVE OF the nine components that make up the state's leading indicator had a positive contribution in October, according to Providence Business News and e-forecasting.com: building permits, national stock prices, interest rate spread, exports of manufactures and unemployment claims. Weekly hours in manufacturing, consumer expectations, national orders index and state employment barometer all had a negative contribution, / COURTESY E-FORECASTING
FIVE OF the nine components that make up the state's leading indicator had a positive contribution in October, according to Providence Business News and e-forecasting.com: building permits, national stock prices, interest rate spread, exports of manufactures and unemployment claims. Weekly hours in manufacturing, consumer expectations, national orders index and state employment barometer all had a negative contribution, / COURTESY E-FORECASTING

PROVIDENCE – Rhode Island’s leading economic indicator increased again, fueled by growth in building permits and fewer jobless claims.
The economic index of the Ocean State, produced jointly by Providence Business News and e-forecasting.com, showed a reading of 134 in October, an increase of 0.4 percent, following a September increase of 0.3 percent, and August increase of 0.2 percent.
A reading of 100 is equal to the state’s economic activity in 2000.
In addition to the building permit growth and decline in jobless claims, three other components that make up the indicator had a positive contribution in October – exports of manufactures, national stock prices and interest rate spread. Four of the nine components had a negative contribution – weekly manufacturing hours, regional consumer expectations, national orders index and state employment barometer.

Looking ahead at its six-month growth rate, Rhode Island’s leading indicator rose by an annual rate of 2.7 percent in October, after an increase of 2.3 percent in September. That compares with a long-term annual growth rate of 1.8 percent, the same as the annual growth rate of the state’s overall economic activity, e-forecasting.com said.

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