ECONOMIC INDICATORS

Lardaro: R.I.’s economy in recovery, 'but barely'

COURTESY LEONARD LARDARO
ECONOMIC CONDITIONS in Rhode Island are going downhill, according Leonard Lardaro’s Current Conditions Index, but the University of Rhode Island economist isn’t ready to say the state is nearing a double-dip recession.
Posted 4/16/12

SOUTH KINGSTOWN – Economic conditions in Rhode Island are going downhill, according Leonard Lardaro’s Current Conditions Index, but the University of Rhode Island economist isn’t ready to say the state is nearing a double-dip recession.

“Don’t construe this as indicating that I believe things here are going well. Rhode Island’s labor market is in abysmal shape,” said Lardaro. “[The state’s] economy remians at a virtual standstill. I still believe that we are still in a recovery, but barely.”

The CCI Index tracks Rhode Island’s economic performance across a dozen metrics. A number over 50 signifies progress; a value less than 50 denotes the opposite.

The February index registered at 50, down from 58 in January. It was 67 in February 2011.

Lardaro said examination of individual indicators is what prevents him from declaring a double-dip recession.

Six of the CCI’s metrics improved in February including retail sales, a strong economic indicator, which rose 6.3 percent over last year. Also, while some indicators including payroll employment have continued to decline the drops “are not all that large in magnitude” according to Lardaro.

Benefit exhaustions, which measures long-term unemployment, fell by 9.5 percent and new claims fell by 4.2 percent.

Still the state saw a net job loss of 1,000 in February. Government employment fell by 1 percent and private service-producing employment declined for the fourth consecutive month and employment service jobs fell for the 11th time by 8.8 percent.

New home construction, tracked by single-unit permits, fell by 3.3 percent in February even though the weather got warmer.

“As for this recovery, Rhode Island continues to hang on by its finger nails,” said Lardaro.

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    Celebrate with the Healthiest Employers in RI on August 14th at the Providence M ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement