Flash Index Reaches Second Highest Point Since Recession Ended
The University of Illinois' flash index went up to 98.7 percent in November, its second highest point since the end of the recession.
Economist Fred Giertz said the results are higher compared to a year ago. While the state has added more than 30,000 jobs, Giertz said the unemployment rate is not going down fast enough.
"It's very difficult to get the unemployment rate down because when we add new jobs, there are always people coming forward to fill them, and that's been the challenge," Giertz said. "I'm optimistic, but in a modified or qualified sense."
Illinois' unemployment rate continues to hover above 10 percent. Meanwhile, Giertz noted that strong holiday sales may have had an impact on the most recent flash index, and he said those figures will be fully reflected in the December reading.
The Flash Index is based on income, corporate and sales tax receipts in Illinois.