URI prof: Economy began year on good note

PROVIDENCE, R.I. (AP) — An economist at the University of Rhode Island says the state economy began the year on a positive note after picking up momentum in the second half of last year.

URI Professor Leonard Lardaro said Tuesday that nine of the 12 indicators he follows in his monthly "Current Conditions Index" improved in January. He noted several "very strong, favorable trends," including in retail sales.

Lardaro says revised data recently released by the state confirm that the pace of economic activity accelerated during the third and fourth quarters of 2012. But he says the state fell so far during the Great Recession that even that performance has left it lagging.

Rhode Island's unemployment rate ticked down in January to 9.8 percent, though the size of the workforce had shrunk from the previous month.