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Optimism Not Yet Showing Up in State Economic Index
The optimism some economic news is showing has not yet hit the Flash Index - the monthly measure of the state's economy from the University of Illinois. The July reading is 91.5, down from 92 the month before. The figure is the lowest since November 1983, when the index read 90.5.

Numbers below 100 indicate economic contraction, while numbers above 100 indicate growth. Therefore, with the index declining, it means the Illinois economy is contracting at a faster rate than it was last month.

U of I economics professor Fred Giertz compiles the index based on corporate income, personal income, and retail sales. He says there is cause for optimism.

"Half the battle seems to have been won," says Giertz, adding there have been two events: "One was the recession, which we're still in, but a more dangerous problem was the implosion of the financial sector - which seems to have been quelled now."

(Illinois Radio Network)
08 03 09 by Newsroom
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