Flash Index Shows “Slow But Steady” Growth For IL Economy
The U of I Flash Index pegged the Illinois economy at 106-point-6 for October, up two-tenths of a point from September. Any reading above 100 indicates economic growth, and the October Flash Index reading is the highest one since last March.
In a news release, University of Illinois economist Fred Giertz says the slight increase is another sign of the “slow but steady” economic growth that Illinois has been seeing for the past two and half years.
But now, he says the recovery is starting to have an effect on unemployment, which has continued to drop in Illinois. The latest reading is 6-point-7 percent ---- less than one percentage point higher than the national rate.
Giertz compiles the Flash Index for the University of Illinois Institute of Government and Public Affairs.
The Flash Index is based on Illinois tax receipts. October’s receipts showed a decline in corporate tax receipts from September, while sales and income tax revenue went up.