PROVIDENCE – Rhode Island’s leading economic indicator index increased two-tenths of a percent in May to a reading of 131.6.
A reading of 100 is equal to the state’s economic activity in 2000. The 0.2 percent increase represents the month-over-month change from April; April had a month-over-month increase of 0.1 percent.
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The composite of state leading indicators, produced by e-forecasting.com and Providence Business News, saw five of its nine components register a positive contribution in May: unemployment claims, exports of manufactures, national stock prices, interest rate spread and national orders index.
The four components that had a negative contribution to Rhode Island’s leading indicator in May were weekly manufacturing hours, building permits, regional consumer expectations and state employment barometer.
Looking at its six-month growth rate, Rhode Island’s leading indicator rose by an annual rate of 1.7 percent in May, slightly lower than the increase of 1.8 percent reported in April.
This compares with a long-term annual growth rate of 1.8 percent, e-forecasting.com said.
