September CCI values continue to beat last year’s totals
WHAT: The third quarter closed with the Rhode Island economy maintaining a great deal of its recent momentum. September’s Current Conditions Index total matched August’s 75 and several key indicators continued to sustain strength. For the year, CCI’s monthly values have exceeded the previous year’s total except for one month (March), and the state’s economy continues to beat its levels a year ago, says URI economist Len Lardaro. There may be a problem though. The state appears to be starting a trend of year-over-year improvement, but month-to-month growth has slowed the last two months. If the trend continues, it could eventually slow yearly improvement. “But we are far away from that eventuality at this time,” Lardaro says. For September, 9 of the 12 CCI indicators improved relative to last year. In particular, three important indicators continued their uptrend. The state’s Labor Force has continued to increase on a yearly basis at a 3 percent rate since May, but its levels have fallen off the last two months. Another notable trend was with Total Manufacturing Hours, which rose 7.5 percent compared with last September. Finally, Employment Service Jobs, which includes “temps,” surged 3.7 percent in September after two flat months. Overall, Lardaro says, the state’s economic performance remains somewhat upbeat, but there are areas and trends to keep an eye on.
HOW: Use attached information, including summary and charts prepared by Lardaro for news reports. He is available for broadcast and print interviews. Lardaro will be blogging about the new labor data during the coming weeks. Additional information and historical data available online: http://www.llardaro.com/current.htm.
WHEN: Nov. 13, 2024
FOR INFORMATION: Leonard Lardaro, office, 401-874-4128, home, 401-783-9563. Tony LaRoche, URI Department of Communications and Marketing, 401-874-4894.
BACKGROUND: The Current Conditions Index, created by Lardaro, measures the strength of the present economic climate in Rhode Island by following the behavior of 12 indicators.
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