PROVIDENCE – Rhode Island’s leading economic indicator increased last month to a reading of 133.1, boosted by a decrease in unemployment claims and an increase in building permits.
A reading of 100 is equal to the state’s economic activity in 2000.
Produced jointly by Providence Business News and e-forecasing.com, the indicator rose 0.4 percent in July, following an increase of 0.5 percent in June.
The composite of state leading indicators saw five of its nine components experience a positive contribution in July. Besides unemployment claims and building permits, interest rate spread, national orders index and state employment barometer also had positive contributions.
Four components with a negative contribution to the indicator in July were weekly hours in manufacturing, exports of manufactures, regional consumer expectations and national stock prices.
Looking at its six-month growth rate, the leading indicator climbed 2.6 percent in July, after increasing 2.3 percent in June. That compares with a long-term annual growth rate of 1.8 percent, the same as the annual growth rate of the state’s overall economic activity, e-forecasting.com said.