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Index Finds Rhode Island in Economic Recession Since August.

Knight Ridder/Tribune Business News

| October 16, 2001 | COPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

By Lynn Arditi, Providence Journal, R.I. Knight Ridder/Tribune Business News

Oct. 16--PROVIDENCE, R.I.--Rhode Island was already in a recession before the Sept. 11 attacks that battered the nation's economy, a local economic index released yesterday shows.

By August, the Current Conditions Index was below the neutral value of 50 for six months in a row, marking the official start of a recession, according to Leonard Lardaro, an economics professor at the University of Rhode Island who compiles the indicator.

Economists generally define a recession as two consecutive quarters, or six months, of contraction. Whenever the index falls below 50, that …

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Source: HighBeam Research, Index Finds Rhode Island in Economic Recession Since August.

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