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Economy in Illinois Going Down With National Economy
The economy in Illinois continues to follow the slide the national economy is going through and the associated recession.

The University of Illinois' Flash Index, the first monthly barometer of the state's economy, dropped to a reading of 100 for November, furthering a decline that began in January of 2007. Last month's index reading is down from October's 100.6.

U of I economist Fred Giertz says 100 is the dividing line between economic growth and economic decline. "Things have been going down pretty consistently for several years," Giertz said. "But they've still been in positive territory. Above 100 suggests the economy is still growing, although not as fast as a higher number."


Giertz says the index hasn't fallen to the 100 level since July of 2004, and hasn't been below that mark since March of '04. He says the situation with the economy has moved beyond the question of IS there a recession to how long will it last.

The Flash Index is a weighted average of Illinois growth rates in corporate earnings, consumer spending and personal income. Giertz says individual income taxes and sales receipts were down in real terms in November compared to the year-ago numbers.
12 08 08 by Newsroom
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