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Recession is Over in Illinois, Technically
The economy in Illinois appears to be slowly coming back.

The University of Illinois' monthly Flash Index reading for November is 91, 0.3 points higher than the October reading. The increase indicates the economy is still contracting, but not as bad as before. The September index reading was 90, the lowest in 26 years.

Flash Index author Fred Giertz, an economics professor who compiles the report for the U of I's Institute of Government and Public Affairs, says in technical terms - the recession is over.

"The economy is moving upward again," Giertz said. "Gross Domestic Product is growing, and there are some signs the economy is on the mend. That's sort of a more technical definition. In terms of most people's situations, the unemployment rate is as high as ever; it's the highest it's been during this recession, the highest it's been since the early 1980's, and it's going to be several months before the unemployment rate comes down."

The November index number reflects the second straight month of higher readings. Index readings under 100 reflect economic contraction while readings over 100 indicate growth.

Giertz says the index reading not falling is kind of a mixed message: not particularly good news but not getting worse.

The report takes into account personal spending, personal income and corporate earnings.
12 05 09 by Newsroom
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