RI economist says tepid recovery losing momentum
PROVIDENCE, R.I. (AP) — A Rhode Island economist said Monday that the state's already tepid economic recovery is continuing to lose momentum.
University of Rhode Island Professor Leonard Lardaro said in his "Current Conditions Index" report for July that the state is in the 29th consecutive month of recovery but that the rate of improvement is further slowing.
He says the loss of momentum is particularly notable in the manufacturing and retail sectors.
The state Department of Labor and Training reported that the unemployment rate for July was 10.8 percent, down one-tenth of a percentage point from June. But the state has continued to shed jobs and post the country's second-highest jobless rate.
Lardaro says his own analysis shows the employment picture is significantly better than the official data indicate.