Flash Economic Index Slowly Rises Again, But Tax Amnesty May Cloud Numbers
Illinois' economy keeps creeping slowly toward recovery according to a monthly gauge of economic performance, but the economist who calculates the University of Illinois Flash Index says an amnesty program for late taxpayers in the state may have distorted the index in November.
Fred Giertz says he made an adjustment in the index, placing it at 94.2 for the month. That's still well below the 100-level that signifies economic growth, but it's slightly higher than October's index, marking the seven straight month of similar increases.
The Flash Index is based on state tax proceeds in a given month. Giertz says if he had not adjusted the index to account for the tax amnesty program, it would have been about five points higher.