New: JOBS & OPPORTUNITY INDEX – RI’s Score Drops; Still Mired in 48th Place

FOR IMMEDIATE RELEASE:
November 21, 2016

Rhode Island loses ground, based on lag in long-term employment security

Providence, RI — Despite October data that showed an end to a two month job-loss skid and a slight improvement in its unemployment rate, Rhode Island actually lost ground and is still mired in 48th place by a broader measurement of overall employment opportunity. This according to the RI Center for Freedom & Prosperity which noted today that relative long-term unemployment security concerns dropped the state’s total score, keeping the Ocean State stuck with the 48th rank nationally in the Center’s October Jobs & Opportunity Index (JOI).

The state’s weak JOI score (which dropped in October to 17.5 on a scale of 0-100 from its September score of 17.9) parallel findings from another national study, the Family Prosperity Index (FPI), where it ranks 43rd overall in “economics” and 44th and last in New England in the sub-category of “entrepreneurship”, which can be largely attributed to an overly-burdensome governmental regulatory regime.

Rhode Island’s poor JOI and FPI rankings are personified by Robert Martinez, a US Navy veteran, who fought a losing battle against oppressive local government regulations and a statewide hostile business climate that has derailed his dream of forging a better quality of life for himself by developing a successful mobile food vendor business.

“The notion that a falling unemployment rate is indicative of improved job prospects and financial security is false,” commented Justin Katz, research director for the Center. “Meaningful long-term work and high-paying jobs that are vital to individual dignity and family self-sufficiency are not in high supply in Rhode Island as compared with other states.”

A more detailed analysis of the October data can be found on The Ocean State Current, the Center’s journalism and blog website.

Of the three factors that make up JOI, the Ocean State ranks:
  • 39th on the Job Outlook Factor (measuring optimism that adequate work is available): a drop of 3 spots from last month.
  • 39th on the Freedom Factor (measuring the level of work against reliance on welfare programs): no change from last month
  • 47th Prosperity Factor (measuring the financial motivation of income versus taxes): no change from last month

The Center’s monthly JOI report is based on state and local tax collection data from a a variety of federal agencies including the U.S. Census and on income data from the Bureau of Economic Analysis (BEA).

Rhode Island has not gained ground on the national JOI metric, remaining – as it has for years – in the bottom five among all states. JOI is a broader and more accurate measure of employment and well-being than the traditionally cited and highly narrow unemployment rate, which has fluctuated more dramatically in recent years for Rhode Island, but which is not an accurate barometer of economic growth or family prosperity.

Supporting the findings of the JOI metric, Rhode Island also ranks 48th in the Family Prosperity Index, the broadest national measure of family well-being.

For the JOI homepage, click here

For a description of JOI and its three sub-factors, click here.

Media Alert: Final pre-Election JOBS & OPPORTUNITY INDEX – Personal Income Falls; RI Stuck at 48th

FOR IMMEDIATE RELEASE: October 27, 2016

Final Pre-Election JOI Report: Personal Income Down, Personal Taxes Up

Providence, RI — Despite recent endorsements of status quo lawmakers and policies by high-profile political and media elite, voters should be concerned that that Rhode Island is moving in the wrong direction. This according to the RI Center for Freedom & Prosperity which today announced that personal income dropped, keep the Ocean State mired in 48th place nationally in the Center’s September Jobs & Opportunity Index (JOI) 

In the final JOI report prior to November’s elections, revised data shows that Rhode Islanders saw personal income drop by a whopping $589,000,000 as compared with what was previously reported for 2016; this in addition to an increase in all state and local taxes collected, as highlighted in the August JOI report.

“The ratio of income earned vs taxes paid is going in the wrong direction, and underscores that our state also has the worst business climate in the nation,” commented Justin Katz, research director for the Center. “Political leaders point to a lower unemployment rate as reason to continue their policies, but our JOI report shows that real families are suffering the burden from paying for the state’s targeted corporate welfare strategy. Voters are advised to reject the rigged status quo in November, including most spending bonds that favor special interests, and instead demand that lawmakers adopt broad-based tax, regulatory, and spending reductions that will make Rhode Island a better place to raise a family and build a career.”

The Center’s monthly JOI report is based on state and local tax collection data from the U.S. Census and on income data from the Bureau of Economic Analysis (BEA).

Rhode Island has not gained ground on the national JOI metric, remaining – as it has for years – in the bottom five among all states. JOI is a broader and more accurate measure of employment and well-being than the traditionally cited and highly narrow unemployment rate, which has fluctuated more dramatically in recent years for Rhode Island, but which is not an accurate barometer of economic growth or family prosperity.

Supporting the findings of the JOI metric, Rhode Island also ranks 48th in the Family Prosperity Index, the broadest national measure of family well-being.

For the JOI homepage, click here

For a description of JOI and its three sub-factors, click here.