CHAMPAIGN, Ill. - The University of Illinois Flash Economic Index remained at 106.9 last month, the same level as September.
"A stable Index means that the state economy continues to expand at the same rate, which is positive news since the Flash reading is at the highest level since January 1998," J. Fred Giertz, the University of Illinois economist who released the data, said today.
Giertz said the October reading confirms earlier data that the hurricanes and floods in the South have caused little damage to the Illinois economy. This also appears to be the case for the national economy as well. Job growth continued strong in the state.
All three components of the Flash Index were up in real (inflation-adjusted) terms in October from the same month a year ago. Corporate receipts were especially strong last month.
The Index is a weighted average of state growth rates in consumer spending, corporate earnings and personal income. Tax receipts from corporate income, retail sales and personal income 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 Oct. 31.