Illinois Economy Continues Slow Growth
A monthly survey indicates the Illinois economy continues to be sluggish, but growing.
The University of Illinois Flash Economic Index for August rose to 104.5, up two-tenths of a point from July.
Any number over 100 indicates the Illinois economy is expanding, and U of I economist Fred Giertz said there is more good economic news.
"The US economy is growing faster than it has in a couple of years and the state unemployment rate is still low by recent standards," Giertz said.
The state’s unemployment rate was 4.8% in August.
Giertz says the state’s economy is growing slowly, maybe not as fast as some would want.
"Illinois has a lot of problems and those are probably impacting our ability to grow rapidly," he said. "But that doesn’t push us into a negative growth situation but reduces the speed that we are growing."
On the bright side, since the state passed a budget and passed a school funding formula, Giertz expects the state’s economy to continue to grow slowly.
The Flash Index measures the state’s economic health through calculating individual income tax, the corporate tax, and sales tax revenue.