WPRO News and the Associated Press
A University of Rhode Island economist says the pace of the state’s recovery picked up noticeably in the third quarter and calls it a turning point.
Leonard Lardaro said Monday nine of the 12 indicators he tracks monthly in his “Current Conditions Index” improved. The index’s overall level remained at 75 for the third straight month, its highest level of the year.
But Lardaro noted the index failed to beat its value from a year ago, unlike in recent months. It only matched its year-ago level.
“Things are falling back into place but not as fast as we’d like,” Lardaro told WPRO’s Buddy Cianci.
Lardaro said Rhode Island still has work to do on improving employment and training more high skilled workers.
“we’ve got to reinvent ourselves like other states have done but we haven’t done it yet.”
Lardaro says if the state maintains the momentum, it will further close the gap with the performance of the overall U.S. economy.
Rhode Island’s unemployment rate was 7.6 percent in September. The U.S. rate was 5.9 percent in September and 5.8 percent in October.
