Economic News: Plus and Minus

Date: April 02, 2014

On the positive side, according to the U.S. bureau of Economic Analysis, personal incomes rose 2.6% in Rhode Island in 2013 and per capita income ranked as the 14th highest in the nation. Personal income increased $1.3 billion statewide in 2013. On the negative side, with a national unemployment rate of 6.7%, there are only four states with unemployment rates higher than 8% -- California, Illinois, Nevada and Rhode Island. And Rhode Island is the only state with a rate exceeding 9%. Economic analysts say that Rhode Island’s unemployment stems from previous reliance on manufacturing jobs and jobs in the financial sector, neither of which are returning to the state. As NFIB has consistently stated over the past few years, public policy must focus like a laser beam on job creation. Speaker Mattiello has been making similar remarks since becoming Speaker last week.    

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