RIPEC, Bryant report shows improved state economic outlook in Q3

PROVIDENCE – Several economic indicators suggest the state’s economy is on the rebound, according to a new report published by the Rhode Island Public Expenditure Council and the Center for Global and Regional Economic Studies at Bryant University.

The Rhode Island Key Performance Indicators Quarterly briefing, published on Oct. 28, showed an improved overall economic outlook in the third quarter compared with the second quarter. This included better quarter-over-quarter labor market metrics in several categories, including a 9,000-job increase in nonfarm jobs, a 0.5-percentage-point drop in the unemployment rate and a 1.2-percentage-point rise in the labor force participation rate, the report stated. Net sales tax receipts, an indicator of demand in the economy, increased by 6.5 % compared with the prior quarter.

“The data are generally positive for Q3, showing that Rhode Island’s economy continued to recover from the pandemic-related economic fallout, and that it outpaced New England and the U.S. in terms of nonfarm employment growth,” RIPEC CEO and President Michael DiBiase said in a statement. “However, we are still 26,400 jobs below our pre-pandemic baseline and there is some evidence that we are not recovering at the same pace as the region and nation – our unemployment rate was higher than that of New England and the U.S. for Q3.”

Some industries fared better than others, with the largest quarter-over-quarter employment gains in leisure and hospitality and government sectors. Construction, financial services, and professional and business service jobs fell in the third quarter, and continue to lag behind, below regional and national growth figures, the report stated.

- Advertisement -

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.