PBN/e-forecasting index shows growth in September

RHODE ISLAND'S leading economic indicator increased in September, with gains in six of the nine components that predict the state economy. / COURTESY E-FORECASTING.COM
RHODE ISLAND'S leading economic indicator increased in September, with gains in six of the nine components that predict the state economy. / COURTESY E-FORECASTING.COM

PROVIDENCE – For the second month in a row, Rhode Island’s leading economic indicator has increased.

The economic index of the Ocean State, produced jointly by Providence Business News and e-forecasting.com, showed a reading of 133.6 in September, an increase of 0.3 percent, following an August increase of 0.2 percent.

A reading of 100 is equal to the state’s economic activity in 2000.

The index predicts the Rhode Island economy based on nine components, six of which had a positive contribution in September: unemployment claims, weekly hours in manufacturing, building permits, exports of manufactures, interest rate spread and state employment barometer. The three components that had a negative contribution to the leading indicator were: regional consumer expectations, national stock prices and national orders index.
The six-month growth rate for the index was 2.4 percent in September, following an increase of 2.2 percent in August. That compares with a long-term annual growth rate of 1.8 percent, equal to the state’s overall economic growth rate.

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