URI economist: R.I. economy decline slowing

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WHAT: The state ended the first quarter of 2009 with “the most bizarre performance ever recorded in the history of this indicator,” according to its creator. For March, the Current Conditions Indicator fell to its lowest possible value, 0, only the fourth time it has registered that value. The other three occurred in 2008. While the economy is declining more slowly, it has yet to hit a bottom in terms of the level of activity.

WHO: URI Professor Leonard Lardaro, creator and author of the Current Conditions Index.

WHEN: For release today, May 18, 2009

HOW: Use enclosed information, including summary and charts prepared by Lardaro for news reports. He is available for broadcast and print interviews. The new information and other historical information can also be found on Lardaro’s web site at http://members.cox.net/lardaro/current.htm.

FOR INFORMATION: Leonard Lardaro, office, 401-874-4128, home, 401-783-9563

Dave Lavallee or Jan Wenzel, URI Department of Communications, 401-874-2116.

BACKGROUND: The Current Conditions Index, created by Lardaro, measures the strength of the present economic climate in R.I. by following the behavior of 12 indicators.