URI Prof: Signs Show an Improving RI Economy
A University of Rhode Island economics professor who tracks the state’s economy every month finds it was in good shape for the month of July.
Professor Leonard Lardaro says nine of 12 indicators he tracks are in positive territory. The only lagging indicators are government employment, the size of the labor force and new claims for unemployment.
Overall, Lardaro said we’re heading into the second half of the year in a fairly strong position.
“July was a fairly good month but not a great month. We stayed at 75 which we had been at the prior month and we’re almost averaging that for the year,” said Lardaro. “So the good news is we had the acceleration the second half of 2012 and we’re more or less staying there or slightly slower so we’re not really receding.”
Lardaro said it’s important to remember how far Rhode Island fell during the recession of 2008. Because of the steep plunge, it will take the state time to recover.
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