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Expert: Illinois' Economy Continues Downward Trend
The Illinois economy continues to slide along with the national economy according to the University of Illinois Flash Index. The first monthly barometer of the state's economy dropped to a reading of 100.0 for November, continuing a decline that began in July 2007. The index was at 100.6 in October.

According to U of I economist Fred Giertz, a Flash Index of 100 marks the dividing line between economic growth and economic decline. The index has not fallen to the 100 level since July 2004 and has not been below that mark since March 2004.

Giertz says the question now is not "is there a recession," but rather "how long will it last." Individual income taxes and sales receipts were down in real terms in November from the same month last year. Giertz says corporate tax receipts, the third component of the Flash index were up because of an anomaly resulting in very low receipts in November of last year.

The Flash index is a weighted average of Illinois growth rates in corporate earnings, consumer spending and personal income.

(Illinois Radio Network)
12 02 08 by Newsroom
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