Aug. 19, 2024
WHAT: The Rhode Island economy had another strong month in June 鈥� the third consecutive month with a higher Current Conditions Index value. The CCI, which measures cyclical economic momentum, reached 83 in June. More impressively, the CCI has exceeded its year-earlier value for five of the first six months in 2024. 鈥淎t this point, it is safe to say that at long last, Rhode Island鈥檚 economy has definitely moved out of 鈥榝irst gear,鈥欌�� said Leonard Lardaro, 溏心vlog免费B站 economist and creator of the CCI. Ten of the 12 CCI indicators turned in impressive performances this month compared with a year ago, including two of the leading labor market indicators 鈥� Employment Service Jobs, a category that includes temps, and New Claims, which reflects layoffs. If this was the beginning of consistent improvement for both indicators, it would be an important change, Lardaro said. While New Claims improved for the first time since last September, the only two indicators that failed to improve relative to a year ago were both related to unemployment, including the Unemployment Rate. The rate continues to exceed 4% and is significantly higher than a year ago. But the rise, Lardaro said, is not really a cause for concern. The sole remaining concern deals with longer-term unemployment. Benefit Exhaustions, which reflect longer-term unemployment, has increased at double-digit rates every month since April.
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: .
WHEN: Aug. 19, 2024
FOR INFORMATION: Leonard Lardaro, office, 401-874-4128, home, 401-783-9563. Tony LaRoche, 溏心vlog免费B站 Department of Communications and Marketing, 401-874-4894.
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.