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IL Economy Sort of Improves
The Illinois economy is improving, but only in tiny increments.

The Flash Index, compiled by the University of Illinois and published on the first business day of each month, is at 91.6, up from 91.3 a month ago, but still indicating a shrinking economy in Illinois, since the score is below 100.

U. of I. economist Fred Giertz says this is while business profits and stock prices are strong. "Businesses have made some adjustments, but they haven’t started hiring yet, and that’s the kind of problem we're facing," Giertz says. "It's gonna take some more expansion and some more good news before hiring actually takes place."

Giertz says this month's small Flash Index increase means it's unlikely we will have a so-called double-dip recession, but it will simply be a slow recovery from the longest and deepest recession since World War 2.

The Flash Index reached its low for this recession of 90.0 in September 2009.

The Flash Index is a weighted average of growth rates in Illinois corporate profits, consumer spending and personal income, as measured by tax receipts. In real terms, corporate tax collections were up slightly in July from the same month last year. Individual income tax and sales tax receipts were down slightly.

(Illinois Radio Network)
08 02 10 by Newsroom
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