Indicators show state’s economy improving

An economic study conducted at the University of Rhode Island indicates the state’s economy is improving.

April’s Current Conditions Index value of 50, while the “neutral” value for this index, is the cause for some celebration. April’s 50 follows three straight months of contraction values of 33. While it appeared that Rhode Island’s economy may have fallen into the second dip of a double dip recession, April’s rise out of the contracting range indicates that the state is not in a recession at present.

“The data for April, unlike that of any other month this year, contains some very positive elements. Like past months, our unemployment rate continued to remain below the national rate, although it has been rising slightly of late. This is not necessarily bad news in light of the fact that our labor force has been growing at rather amazing rates for us,” said Leonard Ladaro, a professor of economics at URI, creator and author of the Current Conditions Index. “I continue to believe that Rhode Island’s economy is treading water at present — perilously close to a recession and highly dependent on the pace of national economic activity.”

The Current Conditions Index measures the strength of the present economic climate in Rhode Island by tracking 12 indicators, including government employment, help wanted ads, retail sales, housing sales, wages and labor.

- Advertisement -

No posts to display