Signs point to slowing R.I. economy, but some strength remains, says URI economist
WHAT: Rhode Island’s economy started the fourth quarter on a cautious note, as the Current Conditions Index for October decreased to 67, after recording a 75 in each of the previous two months. A large portion of recent economic momentum remains based on yearly comparison of the CCI indicators, but there are signs of weakening when looking at the indicators on a month-to-month basis, said University of Rhode Island economist Leonard Lardaro. The growth the state experienced in the second quarter has ended, he added, and it appears the state may be transitioning to a more sustainable level of economic momentum.
For October, the state’s economy was a mixed bag. Eight of the 12 CCI indicators improved in October compared to a year ago. Most notable is the state’s Labor Force, which rose by 2.5 percent. But on a monthly basis it has declined for the last three months. Also, Total Manufacturing Hours rose 5.6 percent over October 2023. But that increase was only for non-durable goods, while the cyclically sensitive durable goods sector saw no change in employment and declined in hours worked and hourly wage. Meanwhile, Retail Sales, a key indicator of the state’s economic health, rose 2.7 percent in October. And Employment Service Jobs, a leading labor market indicator, is a bright spot with yearly growth at about 5 percent for the last two months. The flip side to that, however, is potential layoffs, in terms of New Claims, which failed to improve in October. Lardaro said his overall assessment of the state’s economy remains upbeat, but several areas and trends need to be monitored over the coming months.
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: Dec. 18, 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.
Latest All News
- URI Center for Military and Veteran Education welcomes new team member, hosts spring welcome for student veteran community Jan. 29KINGSTON, R.I. – Jan. 16, 2025 – URI’s Center for Military and Veteran Education will hold a special orientation for student veterans and military-affiliated students on Wednesday, Jan. 29. The orientation will be held from noon to 1:15 p.m. in the Memorial Union’s Atrium 1, 50 Lower College Road, on the Kingston Campus, and is […]
- November CCI value stays steady, but R.I. momentum appears to be fading, says URI economistJan. 15, 2025 WHAT: November’s Current Condition Index value of 67 remained unchanged from the previous month, but there are increasing signs that Rhode Island’s economic momentum is slowing, says University of Rhode Island economist Len Lardaro. In 2024, the CCI has shown significant improvements in key indicators on a year-to-year basis. Based on that […]
- Multicultural Student Services Center kicks off full slate of spring programs with 2025 MLK Unity Luncheon on Jan. 29KINGSTON, R.I. – Jan. 15, 2025 – The University of Rhode Island’s Multicultural Student Services Center (MSSC) is ready to welcome students back for the spring 2025 semester, beginning with the University’s annual Martin Luther King, Jr. Unity Luncheon on Jan. 29 in the MSSC Hardge Forum, Multicultural Student Services Center, 12 to 2 p.m. […]
- URI alumna Rose Butler Browne inspires students in namesake classKINGSTON, R.I. – Jan. 15, 2025 – The University of Rhode Island will offer its annual class named for alumna Rose Butler Browne, beginning this year on Thursday, Jan. 23. The course celebrates the legacy of Browne, who saw education as key for students to move themselves forward. Browne received her bachelor’s degree from URI […]
- Meta will end fact-checking of social media posts; URI expert says it’s not a surpriseKINGSTON, R.I. – Jan. 14, 2025 – Meta, the social networking giant that owns Facebook, Instagram and Threads, has announced that it will end its fact-checking program to moderate user content and replace it with a “community notes” model. In a video on Jan. 7, Meta CEO Mark Zuckerberg said the changes would reduce mistakes […]
- URI women’s track team makes big strides to supply non-perishables for Rhody OutpostKINGSTON, R.I. – Jan. 14, 2025 – The University of Rhode Island’s women’s track and field team continued their efforts to support community members in need over the break – and had fun in the process. The team hosted its annual free track and field clinic for area children, which doubles as a collection drive […]
