Leonard Lardaro, a Professor of Economics at the University of Rhode Island (URI), is the creator and author of the Current Conditions Index (CCI). This index is used to measure the strength of the present economic climate in Rhode Island by following the behavior of 12 indicators. In December, Lardaro states that Rhode Island’s economy held relatively steady and he is awaiting revised labor market data for a fuller picture of the state’s economic progress.
The CCI remains in an expansion value, but Lardaro’s concern lies in the weak improvement of Retail Sales, which was up only .02 percent, and the looming end of federal stimulus money, which he expects will make it more difficult to balance the state budget and potentially lead to an economic slowdown. Key indicators showing improvement include Government Employment, Private Service-Producing Employment, Total Manufacturing Hours, Manufacturing Wage and Labor Force participation. Some of these indicators may be impacted by revised federal data.
Lardaro is available for broadcast and print interviews and will be blogging about the new labor data during the coming weeks. Additional information and historical data is available online at http://www.llardaro.com/current.htm. For more information, individuals can contact Leonard Lardaro at his office at 401-874-4128 or home at 401-783-9563 or Dawn Bergantino from the URI Department of Communications and Marketing can also be contacted at 401-874-4147