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By PBN Staff
PROVIDENCE – An index of Rhode Island’s leading economic indicators produced by Providence Business News and e-forecasting.com rose to 120.9 in November.
A reading of 100 on the Providence Business News/e-forecasting.com Leading Economic Indicator Index is equivalent to the state’s activity in 2000.
The state leading indicator rose 0.1 percent again in November after rising revised 0.4 percent in October.
The economic indicator index uses nine statistics to forecast the direction of the state’s economy over the next three to six months. Positive numbers signal growth while negative numbers denote contraction.
Four of the nine statistics had positive contributions to the index in November, including: exports of manufacturers, regional consumer expectations, interest rate spread and the state’s employment barometer.
Five components made negative contributions to Rhode Island’s economy in November, including: unemployment claims, weekly hours in manufacturing, building permits, national stock prices and the national orders index.
In November, Rhode Island’s six-month growth rate – “a signal of turning points” – was 3.2 percent, a decrease from the revised 3.8 percent rate in October.
By comparison, the long-term annual growth rate for the index was 2 percent, the same as the annual growth rate of the state’s overall economic activity.