Home Economy Economic Activity R.I. Citizens Business Conditions Index dips in Q3

R.I. Citizens Business Conditions Index dips in Q3

By

PBN Staff

-

10/30/2024

Citizenupdate-1 (1) — RHODE ISLAND’S business conditions index slightly dipped in the third quarter of 2024 while solid corporate revenue and resilient consumer trends supported steady business environment nationally, according to new analysis by Citizens Financial Group Inc. / COURTESY CITIZENS FINANCIAL GROUP INC.

PROVIDENCE – Rhode Island’s business conditions index slightly dipped in the third quarter of 2024 while solid corporate revenue and resilient consumer trends supported a steady business environment nationally, according to new analysis by Citizens Financial Group Inc. released Wednesday. In the third quarter, the national index was over 50 for the second consecutive quarter

Already a Subscriber? Log in

To Continue Reading This Article

Become a Providence Business News subscriber and get immediate access to all of our premier content and much more.

Learn More and Become a Subscriber

Critical RI business news and analysis updated daily.
1 year of print (26 issues).
Unlimited access to all subscriber only content on our website, on any device.
Free email alerts.
Annual Book of Lists Print Edition.
All special issues produced during subscription term.

Click Here to purchase a paywall bypass link for this article

PBN Branded Content

Webster Bank Celebrates 90 Years

By Samuel Hanna, Executive Managing Director, Commercial Real Estate, Webster Bank This year, Webster Bank…

Learn More

No posts to display

LEAVE A REPLY Cancel reply

PROVIDENCE – Rhode Island’s business conditions index slightly dipped in the third quarter of 2024 while solid corporate revenue and resilient consumer trends supported a steady business environment nationally, according to new analysis by Citizens Financial Group Inc. released Wednesday. In the third quarter, the national index was over 50 for the second consecutive quarter at 50.04, despite contracting 2.2 points from the second quarter. Rhode Island’s index fell 2.43 points to 49.69 for the quarter that ended Sept. 30, below the expansionary level of 50. “Overall business conditions are strong and Citizens’ middle market and mid-corporate clients continue to perform well,” said Eric Merlis, Citizens managing director and co-head of global markets. “As we approach the conclusion of election season, we are working closely with our clients to help them navigate the uncertainty and prepare for potential market and business implications.” The underlying components of the index reflected a mixed, but relatively steady, operating backdrop, according to the analysis. The Institute for Supply Management nonmanufacturing index remained expansionary, reflecting continued consumer resilience. The activity data of Citizens’ Commercial Banking clients showed a continuation of solid revenue trends, providing an additional boost to the index. Employment trends, as measured by initial jobless claims, continue to be healthy but were neutral to the index, Citizens said. New business applications also had a neutral impact for the quarter, reflecting some cautiousness around new business investment ahead of the U.S. election. The ISM manufacturing component was contractionary for the eight consecutive quarter. Overall, the third quarter index reveals a steady business environment that appears to have found balance, the analysis concluded. “The third-quarter index reading shows a business environment that has reached equilibrium,” Merlis said. “Easing monetary policy should continue to support constructive business conditions, particularly as uncertainty in the U.S. political and regulatory environment likely abates in the coming quarters.”