The state’s economy cooled down in the first two months of this year. That’s according to a University of Rhode Island economist. The slowdown comes just as the state’s economy was starting to get its mojo back.
URI professor Len Lardaro said a wide swath of the state’s economy was starting to cook during the back half of last year. But in January and February, that growth cooled off. Lardaro said sluggish retail sales and an uptick in unemployment claims have him worried.
“We did better than we had and now it’s slowing down along with the US. So we need to earn success and more rapid growth,” said Lardaro. “We need to change ourselves it’s not going to happen mysteriously.”
Lardaro blames Rhode Island’s economic slowdown to high gas prices, an increase in the payroll tax, and a lack of state leadership.
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