Economic Index Shows Improvement, but It’s Still a Long Way Up for IL
The July reading of the University of Illinois Flash Economic Index was 91.6. That's three tenths of a percent better than the measurement for June, but economist Fred Giertz says it's still well below the 100 level that separates economic growth from contraction.
Giertz says Illinois and the nation are mired in the longest and deepest recession since the end of World War II, and it will take time to recover. He says the state's unemployment rate is falling but still above the national rate.
The Flash Index measures state collections each month from personal income, corporate and sales taxes - it found that while income and sales tax revenue were down in July, corporate tax receipts were up.