In April 2024, Rhode Island’s economy saw improvements for the second time in four months, according to University of Rhode Island economist Leonard Lardaro. The Current Conditions Index value increased from 58 in March to 67 in April, indicating progress. This was due to eight out of 12 economic indicators showing improvement. Lardaro highlighted that the state’s labor force continued to improve on a monthly and annual basis, including labor force participation rates and employment rates.
Several key labor market indicators such as New Claims, Employment Service Jobs, and Benefit Exhaustions remained weak in April. However, various other indicators such as Retail Sales, Total Manufacturing Hours, Manufacturing Wage, Government Employment, Private Service-Producing Employment, and U.S. Consumer Sentiment also showed signs of improvement. Single-Unit Permits rose for the second time in four months, indicating improvement in the housing sector.
Lardaro expressed optimism about the economic momentum and hoped for its continuation despite a few challenges. He has prepared a summary and charts for news reports on the Rhode Island economy and is open to interviews for broadcast and print media as well as blogging about new labor data in upcoming weeks. More information and historical data can be found on his website.
