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Monthly Report: Illinois Economy Not Contracting As Fast
The economy in Illinois is still contracting, but it's now happening slower.

The monthly Flash Index from the University of Illinois - which is a snapshot of the state's economy - indicates the reading for November is 90.7, up from last month's 90. Economic contraction is reflected in numbers under 100, which has been the case all of this year in Illinois.

Flash Index author Fred Giertz, a U-of-I economist, says this month's reading offers a sliver of optimism. "The uptick is good news but it's not by any means evidence that things are back to normal at all. Simply we're not going down more."

Giertz says corporate profits are starting to rise, but the the index will stay low as long as the unemployment picture is poor.

The Flash Index had been on the decline for 27 months. Giertz says the report shows that the current recession is deeper than the last two and is on par with the recession of early 1980s.
11 07 09 by Newsroom
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