WHAT: The state economy did better in February than it had in December and January, moving Rhode Island’s Current Conditions Index back into the expansion range with a CCI of 58 says University of Rhode Island economist Leonard Lardaro. The uptick in economic activity is a welcome change following revised labor market data that was weak and disappointing. Despite the good news, five of 12 indicators worsened, including Single-Unit Permits, Total Manufacturing Hours, Employment Service Jobs, Labor Force participation and New Claims for Unemployment. Given that several of these indicators show little chance of reversing anytime soon, Lardaro states there is still a strong possibility the state may be heading toward a recession.

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

WHEN: April 17, 2023

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.