Lardaro: August arrived ‘with a bang’

SOUTH KINGSTOWN – August “arrived with a bang for Rhode Island,” according to University of Rhode Island economist Leonard Lardaro.

His monthly Current Conditions Index, which measures economic momentum, surged to 92, its highest value since December 2012, as 11 of its 12 indicators improved. A year ago, it was 67. In July, it was 75.

CCI measurements higher than 50 suggest economic growth, while a value below 50 indicates contraction.

Lardaro last week said he was optimistic for the third quarter, given August’s results, which he said was the sixth month for which the CCI has matched or exceeded its year-earlier value.

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The only indicator that did not improve in August was the manufacturing wage, which declined 4.2 percent, marking its 18th consecutive drop. That prevented the CCI from reaching a score of 100 – its highest possible value, Lardaro said. •

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