R.I. economic indicators rise 0.7% in November, same as October

PROVIDENCE – An index of Rhode Island’s leading indicators rose 0.7 percent in November. That value represented a repeat of the previous month’s performance for the Ocean State economy after a recalculation of the October reading for the Providence Business News/e-forecasting.com Leading Economic Indicator Index.

This was the fourth consecutive month in which the percentage gain did not surpass the previous month’s numbers. The previous LEI Index report showed an October increase of 0.4 percent.

A reading of 100 on the PBN/e-forecasting.com LEI Index is equivalent to the state’s activity in 2000. November’s overall reading was 131.5.

Six of the nine components that comprise Rhode Island’s leading indicator had a positive contribution in November: unemployment claims, weekly manufacturing hours, exports of manufactures, national stock prices, interest rate spread and national orders index.

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Three of the nine components had a negative contribution: building permits, regional consumer expectations and state employment barometer.

Looking at its six-month growth rate, considered a “signal of turning points,” the leading indicator increased by an annual rate of 7.3 percent in November, after an increase of 7.1 percent in October.

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