By Kimberley Donoghue
PBN Web Editor
PROVIDENCE - An index of leading economic indicators for Rhode Islandâ€™s economy reversed a three-month decline in November.
The index, produced by Providence Business News and e-forecasting.com, rose 0.09 percent to 118 in November; a reading of 100 is equivalent to the stateâ€™s economic activity in 2000. Previously, the index registered three months of declines: October, down 0.26 percent, and September and August both registered declines of 0.82 percent.
The leading indicators index uses nine published statistics to forecast the direction of the stateâ€™s economy over the next three to six months, with positive numbers signaling growth and negative numbers signaling contraction.
Only three of the nine components contributed negatively in November: unemployment claims, regional consumer expectations, and the state employment barometer.
The six that had positive contributions were: weekly hours in manufacturing, building permits, manufactured exports, national stock prices, interest rate spread and national orders index.
The six-month growth rate, â€śa signal of turning points,â€ť recorded a negative 0.5 percent in November, after holding a negative 0.2 percent in October. That compares to a long-term annual growth rate of 2.3 percent, the same as the annual growth rate of the stateâ€™s overall economic activity.