CHAMPAIGN, Ill. – After breaking through the 100 barrier in April, the University of Illinois Flash Economic Index held constant at 100.3 in May. This ended a period of steady increases that began last September.
The economic outlook for the state continues to be relatively strong. For example, the Chicago Purchasing Managers Index was up sharply for May, reflecting the strength of the economy in the Chicago area.
All three components of the Flash Index (sales taxes as well as individual and corporate-tax receipts) were down slightly from the same month a year ago, said J. Fred Giertz, the University of Illinois economist who compiles the data.
This brought an end to the Index’s recent climb to the 100 level that indicates economic growth.
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The Flash Index is a weighted average of Illinois growth rates in corporate earnings, consumer spending and personal income. Tax receipts from corporate income, personal income and retail sales 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 May 31.
