Lardaro: R.I. economy continued to recover in June

THE RHODE ISLAND economy continued to recover from the effects of the pandemic in June, but the threat of the delta variant remains the economy's biggest uncertainty, according to URI economist Leonard Lardaro. / PBN FILE PHOTO/MICHAEL SKORSKI
THE RHODE ISLAND economy continued to recover from the effects of the pandemic in June, but the threat of the delta variant remains the economy's biggest uncertainty, according to URI economist Leonard Lardaro. / PBN FILE PHOTO/MICHAEL SKORSKI

PROVIDENCE – Rhode Island’s Current Conditions Index indicated economic expansion in June, both from one year prior and the previous month, according to University of Rhode Island economist Leonard Lardaro Monday.

Lardaro said that the state’s simultaneous reopening of the economy paired with “massive monetary and fiscal policy stimulus, will, in all likelihood, allow the economic expansion to continue well into next year, possibly longer.” 

However, Lardaro added that “clearly, the biggest question at present is the extent to which the delta COVID variant affects our population and the actions our elected officials take to cope with this surge.” 

The year-over-year CCI value for the state was 83, an increase from 25 one year prior. A value above 50 indicates expansion and a value below 50 indicates contraction. The state’s month-to-month CCI value was 75, after contracting month to month in May at 43.

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Ten of 12 of the CCI’s indicators improved year over year, with the exception of government employment and new claims:

  • Government employment declined by 0.5%
  • U.S. consumer sentiment increased 9.4%
  • Single-unit permits increased 9.1%
  • Retail sales increased 14.5%
  • Employment services jobs increased 18.5%
  • Private service production employment increased 10.5%
  • Total manufacturing hours increased 15.2%
  • The manufacturing wage increased 8.3%
  • The labor force increased 5%
  • Benefit exhaustions declined 29.2%
  • New claims increased 223.9%
  • The state unemployment rate declined five percentage points.

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