RIPR News
4:59 am
Thu June 17, 2010

Report: RI still in recession, but the end is getting closer

Providence, R.I. – Rhode Island is not out of the recession but we're close. That's according to University of Rhode Island Economist Len Lardaro.

On a scale of one to 100, with zero being a moribund economy and 100 representing robust growth, Rhode Island is at a "50", up from 8 a year ago. This, according to the Current Conditions Index, a rating based on a dozen economic factors developed by University of Rhode Island economics professor Len Lardaro.

The April index shows six of the 12 indicators rising including consumer confidence, housing starts, and manufacturing wages. Another good sign: retail sales rose by four percent.

The conclusion, says Lardaro, is that while Rhode Island is still in recession it could very well be out of it by the third quarter of this year.