PROVIDENCE – Rhode Island’s leading economic indicator declined in March by two-tenths of a percentage point to 131.2, the same decline it experienced in February, according to the Providence Business News/e-forecasting.com Leading Economic Indicator index.
An index reading of 100 is equal to the state’s activity in 2000.
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Three of the nine components that make up Rhode Island’s leading economic indicator had a positive contribution in March: Unemployment claims, regional consumer expectations and interest-rate spread.
Six of the nine components had a negative contribution to Rhode Island’s leading indicator: Weekly manufacturing hours, building permits, exports of manufacturers, national stock prices, national orders index and state employment barometer.
Looking at its six-month growth rate, described as a “signal of turning points,” Rhode Island’s leading indicator rose by an annual rate of 2.1 percent in March, after an increase of 3.1 percent in February. •
