URI Economist: Rhode Island in Recession

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University of Rhode Island economist Leonard Lardaro believes that the state's economy is in recession. His Current Conditions Index came in at a weak 33 in October 2025, well below the neutral 50. The Index is composed of twelve component indicators and in October, only four of  the twelve were higher y/y, most notably manufacturing hours and wages. While the single family building permit component fell 22% y/y, and both claims and benefits exhaustion figures increased, Lardaro specifically notes the y/y decline in retail sales as a worrisome indicator for the state’s economy.


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