The Illinois economy continues to grow, but the growth has slowed, at least for now. This is according to the monthly Flash Index from the University of Illinois, based on state collection of personal and corporate income tax and sales tax. It comes in at 106.5 this month, down from 107.1 last month.
“What it means is (the economy) is growing slightly slower than it has been the last two or three months, but it also remains in the same range we’ve been in for almost two years now, so the big story is that we still have this slow recovery going on, and things are getting better, but they’re not getting better as fast as most people would like,” said economist Fred Giertz, who compiles the index.
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For example, unemployment has fallen sharply over the last two years, but there isn’t yet upward pressure on wages.
When the Flash Index is over 100, it means the state economy is growing; the higher the number, the faster the rate of growth. Giertz says maybe last month’s reading was higher than it should have been, due to a quirk in tax collection data.