PROVIDENCE – Rhode Island’s leading economic indicator was flat in December, as only three of the nine components that comprise it had a positive contribution: jobless claims, exports and interest-rate spread.
The indicator, which is produced jointly by e-forecasting.com and Providence Business News, stayed flat with a reading of 134.5 in December, after posting a 0.3 percent increase in November. A reading of 100 is equal to the state’s economic activity in 2000.
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Six of the nine components had a negative contribution to the leading indicator in December: weekly hours in manufacturing, building permits, regional consumer expectations, national stock prices, national orders index and state employment barometer.
Looking at the six-month growth rate, Rhode Island’s leading indicator rose by an annual rate of 3 percent in December, after an increase of 3.4 percent in November. This compares with a long-term annual growth rate of 1.8 percent, e-forecasting.com said. •
