The Illinois economy is growing at a rate seldom seen since the recession. The University of Illinois Flash Index this month is 107 – up from 106.6 a month ago. It has been at 107 or higher post-recession only at the end of 2013 (September and December) and the start of 2014 (January). Economist Fred Giertz calls it a strong reading.
“It’s been in a range from about 106 to 107 for some time now, but this is on the higher end of the range, and it reinforces the news we’ve been receiving about the economy continuing to grow at a pretty good pace,” he said.
In the Flash Index, numbers over 100 indicate economic growth; the higher the number, the faster the growth. As far as the Flash Index is concerned, the nadir of the recession in Illinois was September 2009.
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Giertz says the index is being helped by employment finally picking up. He says there was a long period of jobless recovery, with business activity expanding but no jobs being added, but finally demand is such the companies are looking to hire people.