Home Economy Economic Activity RIPEC: Q2 results show state’s economy continues to move in positive direction

RIPEC: Q2 results show state’s economy continues to move in positive direction

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PBN Staff

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07/31/2024

Screenshot — STRONG RESULTS across key economic indicators in the second quarter shows the state’s economy continues to move in a positive direction, according to a report from the Rhode Island Public Expenditure Council and the Center for Global and Regional Economic Studies at Bryant University. /COURTESY RHODE ISLAND PUBLIC EXPENDITURE COUNCIL

PROVIDENCE – Strong results across key economic indicators in the second quarter show that the state’s economy continues to move in a positive direction, according to a report from 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,

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PROVIDENCE – Strong results across key economic indicators in the second quarter show that the state’s economy continues to move in a positive direction, according to a report from 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 Wednesday, showed the state’s labor force participation rate expanded for the fifth-straight quarter at 64.9%. That rate also surpassed both the New England region’s rate of 64.6% and national rate of 62.6%. Also, the number of employed Rhode Islanders notably increased by 4,900, or 0.9%, in the second quarter, reaching 563,400. But the number of Rhode Island-based jobs remained unchanged at 512,300, RIPEC says. However, RIPEC says in the report that with the jump in labor force participation rate, Rhode Island’s unemployment rate rose for the fourth straight quarter to 4.2% after reaching a historically low level of 2.6% a year ago. “The second quarter data indicate that Rhode Island’s economy is largely moving in a positive direction,” RIPEC CEO and President Michael DiBiase said in a statement. “The increase in Rhode Island’s labor force participation rate is particularly noteworthy; not only did Rhode Island experience strong quarter-over-quarter and year-over-year growth in this metric, but the Ocean State now has a higher labor force participation rate than New England, as well as the U.S., and unlike the region and nation, has exceeded pre-pandemic labor force participation levels.” DiBiase also said that while there was “impressive growth” in the number of Rhode Islanders working, that increase was the result of an increase in out-of-state jobs. At the same time, he says, Rhode Island’s unemployment rate, while still historically low, is higher than the U.S. and substantially higher than New England. Eight of Rhode Island’s major industries experienced employment increases in the second quarter: Construction, manufacturing, trends, transportation and utilities, information services, financial services, professional and business services, education and health services and government. However, leisure and hospitality shed 1,900 jobs, 3.1% in the second quarter. Net sales tax receipts, an indicator of aggregate demand, increased 4.4% year over year. In the first quarter of 2024, Rhode Island’s gross domestic product grew 3%, outpacing both New England [1%] and the U.S. [1.4%]. GDP for second quarter was not available.