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Flash Index of Illinois economy expanding, albeit at slower pace

Mark Reutter, Business & Law Editor

J. Fred Giertz, Institute of Government and Public Affairs


EDITORS, 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. — June was an uneventful month for the University of Illinois Flash Economic Index. The index retreated to 106.0 from its 106.2 level in May. 

The results suggest that the Illinois economy continues to expand briskly, although at a slightly slower pace than during the second half of 2005 and first quarter of 2006, said J. Fred Giertz, the Illinois professor of economics who compiles the data.

The Flash Index has remained in the 105 to 107 range for the last 15 months. Any reading above 100 means that the Illinois economy is expanding, while numbers below 100 mean that the economy is contracting.

Individual income-tax and sales-tax receipts were up moderately in real (inflation-adjusted) terms last month from June a year ago, while corporate receipts were down slightly.

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 June 30.

graph showing upward trend of flash economic index