CHAMPAIGN, Ill. — The University of Illinois Flash Economic Index showed no sign of a letdown in the month of May.
Even though the Index remained constant at 103.2 from its strong showing in April, May was a good month for the Illinois economy, said J. Fred Giertz, an economist at the UI Institute of Government and Public Affairs, who released the Flash reading today (June 5).
“Income, retail sales and corporate profits all grew strongly in real [inflation-adjusted] terms last month,” Giertz said.
Overall, the state economy continues a pattern of steady growth with few signs of inflation or rise in unemployment. In fact, the Flash Index has inched steadily upward over the past seven months after registering a low of 101.8 last October.
The Flash Index is a weighted average of growth rates in consumer spending, personal income and corporate earnings. Tax receipts 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. Any reading above 100 means the state economy is expanding, while any number below 100 means the economy is contracting.
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