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U-of-I Monthly Report: Economic Decline in Illinois Continues
The state's economic health is still faltering.

The monthly measure of the state's economic growth from the University of Illinois shows more bad news.

The monthly Flash Index - which studies individual income tax, corporate tax, and sales tax receipts - fell 2 points in June from a reading of 94 down to a 92 - still indicating economic contraction.

University of Illinois Economics Professor Fred Giertz, the author of the Flash Index for the University's Institute of Government and Public Affairs, says the reading the index is at now is lower than in either of the 1990 or 2001 recessions.

"I think the major point is that the recession is still underway. There's a lot of hope now that the recession is going to end in the next six months by the end of the year, and I think that could be likely, but the fact is we're still in the midst of the recession. Recession means the economy is declining or contracting and this is evidence of that."

As low as last month's reading was, it's still higher than when the index fell its lowest reading ever, 86, i, June of 1983. The index in April was above 95, while in May it fell to 94 and June showed a very small increase to 94.1, breaking a string of nine consecutive months of decline.

Giertz says it may still be a while before the index reflects the optimism some have about the recession being near an end.
07 10 09 by Newsroom
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