Latest Current Conditions Index for RI = 0
URI Economist Len Ladaro:
Rhode Island’s recession may be entering a troublesome third phase. For the first time ever, the CCI registered a value of 0. I prefer to think of this as a long-run equilibrium: at long last, we have gotten from Rhode Island’s economy precisely what we have always demanded from our state’s government: absolutely nothing! Fasten your seat belts, this is going to be a rough fall and winter.
I also heard Prof. Ladaro this morning on WPRO with Jim Hummel (filling in for John DePetro). Ladaro made the point that there is still much to do on the part of the legislature to reduce spending and restructure government. To paraphrase, “they shouldn’t be lauded for passing a balanced budget. That’s what’s expected.”