R.I. leading indicators drop in March

RHODE ISLAND'S LEADING Economic Indicator declined in March by two-tenths of a percentage point to 131.2. / COURTESY E-FORECASTING.COM
RHODE ISLAND'S LEADING Economic Indicator declined in March by two-tenths of a percentage point to 131.2. / COURTESY E-FORECASTING.COM

PROVIDENCE – Rhode Island’s leading economic indicator declined in March by two-tenths of a percentage point to 131.2, the same decline it experienced in February, according to the Providence Business News/e-forecasting.com Leading Economic Indicator index.
An index reading of 100 is equal to the state’s activity in 2000.
Three of the nine components that make up Rhode Island’s Leading Indicator had a positive contribution in March: Unemployment claims, regional consumer expectations and interest rate spread.
Six of the nine components had a negative contribution to Rhode Island’s Leading Indicator: Weekly manufacturing hours, building permits, exports of manufactures, national stock prices, national orders index and state employment barometer.
Looking at its six-month growth rate, described as a “signal of turning points,” Rhode Island’s Leading Indicator rose by an annual rate of 2.1 percent in March, after an increase of 3.1 percent in February. This compares to a long-term annual growth rate of 1.8 percent, the same as the annual growth rate of the state’s overall economic activity.

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