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Illinois' Economy on a Slow Boat to Recovery
The economy in Illinois is improving according to a monthly report, but it's going very, very slowly.

The Flash Index is compiled by the University of Illinois and is published at the first of every month, is at 91.6 for August. That's up from 91.3 the month prior, but is still indicating a shrinking economy in the state, since any number above 100 indicates true economic growth.

U of I economist Fred Giertz authors the report, and says these numbers are while business profits and stock prices are pretty strong right now.

"(Businesses) haven't started to hire yet," Giertz said. "That's the kind of problem that we're facing. It's going to take some more expansion and some more good news before hiring actually takes place."

Giertz says some long-standing political issues being resolved would also contribute to a true recovery.

"There's a lot of things on our plate this last year," Giertz said. "Health care, cap and trade, a variety of things. Now, there's the issue about the continuation of the Bush tax cuts. So, resolving those kind of uncertainties would go a long way to help the economy. There's not going to be a silver bullet that's going to cure things quickly."

Giertz says the small increase in the Flash Index this month means we likely won't have a "double dip" recession, but it's still the longest and deepest recession since World War Two.
08 09 10 by Newsroom
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