PROVIDENCE – Rhode Island’s leading economic indicators again rose 0.3 percent in January to a reading of 130.5, fueled in part by manufacturing and employment growth, according to the Providence Business News/e-forecasting.com Leading Economic Indicator Index.
A reading of 100 on the index is equal to the state’s activity in 2000.
The index also increased by 0.3 percent in December; the increase was adjusted from 0.2 percent previously reported.
Five of the nine leading indicators had a positive contribution in January: weekly hours in manufacturing, exports of manufactures, regional consumer expectations, interest rate spread and state employment barometer. Four of the nine index components had a negative contribution: unemployment claims, building permits, national stock prices and national orders index.
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Looking at its six-month growth rate, Rhode Island’s leading-indicator index increased by an annual rate of 5.4 percent in January, slightly below the increase of 5.5 percent in December. This compares with a long-term annual growth rate of 1.8 percent, the same as the annual growth rate of the state’s overall economic activity.
