The growth rate for the Illinois economy is accelerating. This is according to the University of Illinois Flash Index, which is at 104 this month, up from 103.2 last month. Numbers over 100 indicate economic growth, and the higher the number, the more the economy is growing.
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“It’s a substantial increase which shows the economy is in fact growing and moving ahead and I don’t think we have much to fear from a double-dip recession or a downturn or things of that sort, so those are all good things,” said U. of I. economist Fred Giertz, who compiles the report.
He cautions that the growth is slower than normal for this stage of a recovery, mainly because of the unemployment rate here, 8.8 percent, which has been gradually coming down, but the economy won’t feel healthy unless it’s below 6 percent. Giertz says he expects the economy to continue to improve, no matter who wins the election. The Flash Index of 104 is as high as it has been since February 2008.