URI economist says RI’s economy has ‘begun to slow’

Sam LaFrance,
(AP Photo/Elaine Thompson)
In this photo taken Thursday, June 4, 2020, a pedestrian wearing a mask walks past reader board advertising a job opening for a remodeling company, in Seattle. The U.S. unemployment rate fell to 13.3% in May, and 2.5 million jobs were added — a surprisingly positive reading in the midst of a recession that has paralyzed the economy and depressed the job market in the wake of the viral pandemic.

KINGSTON, R.I. (WLNE) — University of Rhode Island economist Len Lardaro raised concerns about the state’s economy in a report issued Friday based on April statistics.

“While Rhode Island’s economy continued its expansion in April, it is clear that some areas of our state’s economy have begun to slow,” wrote Lardaro.

Lardaro cites national weakness now trickling down to the state’s economy and that several indicators that were improving last month have started to decline.

Some of those are the US Consumer Sentiment and Single-Unit permits.

While retail sales increased, Lardaro is concerned that weaknesses in the national economy, housing and consumer confidence may see sales decrease further into the year.

Categories: News, Rhode Island

Related