PROVIDENCE – Rhode Island’s Current Conditions Index increased 25 points both month to month and year over year to a value of 83 in October, regaining momentum from earlier in the year, University of Rhode Island economist Leonard Lardaro said on Monday.
The CCI value tied its highest mark for the year, which was set back in June. October also marked the second time in 2019 that the CCI has posted a year-over-year improvement.
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A CCI value below 50 marks contraction and a value above 50 indicates expansion.
Ten of 12 indicators in the CCI showed year-over-year improvement. Lardaro noted that retail sales in Rhode Island continued to be the CCI’s “star” indicator performer, increasing 7.3% year over year. Lardaro also said that the state’s labor force, which is on a long-term decline, has started to show month-to month improvements.
Lardaro raised concern that the state has shown a pattern of strong performances in the first month of a quarter, followed by a regression. He also said that total manufacturing hours declined for a 13th consecutive month, which he said was the economy’s greatest area for concern.
CCI indicator improvements year over year in October:
- Government employment increased 0.2%
- Single-unit permits increased 1%
- Retail sales increased 7.3%
- Employment services jobs increased 6.4%
- Private service-producing employment increased 2.5%
- The manufacturing wage increased 1.9%
- The labor force increased 0.02%
- Benefit exhaustions declined 21.9%
- New claims declined 10.5%
- The unemployment rate declined 0.4%
CCI indicator declines year over year in October:
- U.S. consumer sentiment declined 3.4%
- Total manufacturing hours declined 6.1%
