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Illinois Flash Index up slightly in January
Mark Reutter, Business Editor, (217) 333-0568
2/3/2003
EDITORS,
NEWS DIRECTORS: The Flash Index of Economic Growth, produced by economists
at the University of Illinois, is based on the most up-to-date information
on the Illinois economy.
CHAMPAIGN, Ill. — The Illinois economy began the first month of
2003 with a slight uptick in activity.
The
University of Illinois Flash Index rose marginally last month to 95.7
from its December reading of 95.5. While this represents the highest
Flash reading in 10 months, it is still well below the 100 dividing
line between growth and contraction for the state economy. Last January,
the Index stood at 97.0.
The performance of various components of the Flash Index was mixed.
Corporate tax receipts were up, while individual income tax and sales-tax
receipts were down from January a year ago.
"The Illinois economy is showing no signs of a significant rebound
from its stagnant levels of last year where the Flash Index has been
at or near the 95 mark since April 2002," said J. Fred Giertz,
the Illinois economist who released the reading today.
The Flash Index is a weighted average of Illinois growth rates in corporate
earnings, consumer spending and personal income. Tax receipts from corporate
income, personal income and retail sales are adjusted for inflation
before growth rates are calculated. The growth rate for each component
is then calculated for the 12-month period using data through Jan. 31.
