WHAT: For the third consecutive month Rhode Island’s overall Current Conditions Index (CCI) value remained at 25, leaving it in severe contraction territory for the month of August. Although some areas of the economy appear to be moving in the right direction, several key indicators remain far below where they were only six or seven months ago according to URI Economist Leonard Lardaro. While Lardaro’s CCI is predicated on year-over-year changes, several key indicators have improved relative to where they were in July. Unfortunately, indicators such as New Claims for Unemployment Insurance and Benefits Exhaustion, the best measure of longer-term unemployment, are up from last month, as well as from where they were in August 2019.
WHO: URI Professor of Economics Leonard Lardaro, creator and author of the Current Conditions Index.
WHEN: October 12, 2020. (no embargo)
HOW: Use attached information, including summary and charts prepared by Lardaro for news reports. He is available for broadcast and print interviews. Lardaro will be blogging about the new labor data during the coming weeks. Additional information and historical data available online: http://www.llardaro.com/current.htm.
FOR INFORMATION: Leonard Lardaro, office, 401-874-4128, home, 401-783-9563. Dawn Bergantino, URI Department of Communications and Marketing, 401-874-4147.
BACKGROUND: The Current Conditions Index, created by Lardaro, measures the strength of the present economic climate in Rhode Island by following the behavior of 12 indicators.