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Flash Index of Illinois
economy indicates growth, albeit at slower pace
Giertz, Institute of Government and Public Affairs 217-244-4822
Mark Reutter, Business Editor, News Bureau 217-333-0568
NEWS DIRECTORS: The Flash Index of Economic Growth, produced by economists
at the University of Illinois, is based on the most up-to-date information
on the Illinois economy.
CHAMPAIGN, Ill. —
The July University of Illinois Flash Economic Index remained virtually
unchanged, rising to 106.1 from its 106.0 reading in June.
The index is now midway in the 105.1 to 107.1 range that it has occupied
since April of last year. “The July result suggests that the state
economy is still moving forward at a good rate even though the pace
of the national economy seems to be slowing,” J. Fred Giertz,
the Illinois professor of economics who compiles the data, said today.
He noted that the Illinois unemployment rate fell slightly below the
national rate in June for the first time since March 1999.
Individual income- and corporate-tax receipts were up slightly last
month in real (inflation-adjusted) terms from July a year ago, while
sales-tax receipts were down somewhat.
The Flash Index is a weighted average of state growth rates in consumer
spending, corporate earnings and personal income. Tax receipts from
these categories are adjusted for inflation before growth rates are
calculated. The growth rate for each component is then calculated for
the 12-month period using data through July 31.