Flash Index Down Slightly, as Illinois’ Slow Economic Growth Continues
The University of Illinois Flash Index measured the state’s economy for April at 104.3, down a tenth of a point from March. Any number above 100 on the Index represents a growing economy.
Economist Fred Giertz, who compiles the Flash Index for the U of I's Institute of Government and Public Affairs, noted that the Flash Index has hovered between 104 and 105 for the past ten months. He says the last several months of slow growth in the state’s economy are a result of both negatives like the ongoing state budget impasse, and positives like a declining unemployment rate.
“You have two years of this kind of morass or situation where the state is wandering back and forth here,” said Giertz. “And still we’re growing and still we’re finding that unemployment is falling. That’s probably, given how bad the situation it, that’s probably pretty good news.”
The Flash Index is based on corporate, sales and income taxes in Illinois. Giertz says individual income tax receipts in April were higher than a year ago, while sales tax receipts were lower.
The numbers on corporate taxes cannot be easily compared, because of a new processing system used by the state Department of Revenue.