Rhode Island Economy: Overview of the Fourth Quarter
Rhode Island’s economy at the start of the fourth quarter showed a slight decline, with the Current Conditions Index (CCI) for October dropping to 67 from 75 in the previous two months. While much of the economic momentum is still positive on a yearly basis, there are signs of weakening on a month-to-month level, according to University of Rhode Island economist Leonard Lardaro.
October Snapshot
In October, the state’s economy displayed a mixed performance. Eight out of the 12 CCI indicators showed improvement compared to a year ago. The Labor Force notably increased by 2.5%, but has seen a decline over the past three months on a monthly basis. Total Manufacturing Hours for non-durable goods rose by 5.6%, while employment in the durable goods sector remained stagnant. Retail Sales saw a 2.7% increase, indicating positive economic health. Employment Service Jobs showed yearly growth of about 5%, but New Claims for potential layoffs did not improve in October.
Overall, Lardaro’s assessment of the state’s economy remains optimistic, with specific areas and trends requiring close monitoring in the upcoming months.
More Information
Lardaro has provided detailed summaries and charts for news reports, available for interviews and blogging about the latest labor data. Additional information and historical data can be accessed online.
WHEN: Dec. 18, 2024
CONTACT: Leonard Lardaro, office, 401-874-4128, home, 401-783-9563. Tony LaRoche, URI Department of Communications and Marketing, 401-874-4894.
BACKGROUND: The Current Conditions Index, developed by Lardaro, tracks the present economic climate in Rhode Island through 12 key indicators.
Source : www.uri.edu