The Illinois economy continues to grow, but for the moment, that growth is not accelerating.
This is according to the University of Illinois Flash Index, a monthly assessment of the state’s economy, which now stands at 106.5, the same reading as a month ago.
Economist Fred Giertz says that stagnation not necessarily a bad thing. “Staying the same doesn’t mean the economy is not changing. It means the economy is changing in the same fashion and the same rate as previously, so in a way, then, this is relatively good news. It means the economy continues to expand,” he said.
It will take more expansion though, Giertz says, to make a dent in Illinois’ unemployment rate.
When the index hit 106.5 last month, it was the highest reading since a 106.7 figure in July 2007, pre-recession. Numbers over 100 indicate economic growth.