Illinois Economy Rebounds From Winter: Flash Index
By Jim Meadows
The latest Flash Index shows the rate of economic growth in Illinois rose slightly from 106 in June to 106.2 in July.
University of Illinois economist Fred Giertz says that’s the range the Index has stayed in for the past four months. Any Flash Index reading above 100 indicates economic growth. However, the readings are still down compared to last January, when the Flash Index reached a six-year high of 107.2.
Giertz says overall, the national and state economy have rebounded after the harsh winter.
"The economy grew pretty strongly in the 2nd quarter", said Giertz. "And the hope is that it will continue into the rest of the year. But that’s obviously something we’ll find out."
Giertz says the Illinois unemployment rate is also improving --- down two percentage points from a year ago. But at 7-point-1 percent in July, the Illinois jobless rate remains one percentage point above the national rate.
The Flash Index is based on Illinois tax receipts. For July, sales tax receipts were up in real terms from a year ago, while both income and corporate tax receipts were down slightly.