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Monthly Economic Reading Falls To 26-year Low
The most recent report from the University of Illinois that measures the state's economy continues to slide.

The monthly Flash Index reading for July is 91.5, down a half a percentage point from June and the lowest figure since the 90.5 recorded in November of 1983. Readings under 100 reflect economic contraction.

University of Illinois' economics professor Fred Giertz, the author of the Flash Index, says while the measure of the state's economic health is still slumping, he sees reason for optimism.

"Half the battle seems to have been won now. We really have had two things happening: one was the recession, which we're still in, and still causing pain but an even more dangerous problem was the implosion of the financial sector and that's seemed to have quelled now. We seem to be back on the road to more stability there."

Giertz says his report is not really a leading index, which tells you what's likely to happen in the future. He says the Flash Index is probably best called a concurrent indicator, which tells you what's happening now. The report looks at personal income, personal spending and corporate income - things that Giertz says aren't doing well right now and are being reflected as such in the Flash Index.

Giertz expects the low readings in the report to continue, quote, "for some time in the future."
08 10 09 by Newsroom
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