Flash Index Rises To 106.3 in September
The Flash Index to the Illinois economy rose to 106.3 in September, up from an even 106.0 the month before.
Economist J. Fred Giertz with the University of Illinois Institute of Government and Public Affairs says the Flash has hovered between 106.0 and 106.8 for the past eight months --- reflecting a slower rate of economic growth than many would like.
But slow growth over time still produces results, and Giertz says that’s evident in Illinois’ latest unemployment rate of 6.7%.
"The unemployment rate in Illinois, now, is a whole lot lower. two and a half percentage points lower than it was a year ago, and that’s a pretty substantial decline", said Giertz. "So again, steady growth doesn’t get dramatic, instantaneous kind of effects, but this seems to be paying off."
Giertz says most economists think the nation could see higher economic growth in 2015. He hopes Illinois will be included in that improvement.
The Flash Index is based on Illinois tax receipts. Giertz says individual and sales tax receipts were up from August to September, while corporate tax receipts went down.