The Illinois Flash Index for April remained stable at 102.4, despite signs of a slowing national economy.
“The economic uncertainty that has impacted both consumer and business expectations, as well as slightly negative GDP growth in the first quarter, has yet to impact Illinois,” said Fred Giertz, Professor Emeritus, Institute of Government and Public Affairs, University of Illinois Urbana-Champaign.
State tax revenues for April (adjusted for inflation) increased compared to last year for all three major taxes. Individual income tax receipts were strong, registering the highest monthly total in history, impacted by taxes on capital gains from robust equity returns in 2024. Both sales and corporate tax revenues increased more modestly. The Illinois unemployment rate remained stable at 4.8 percent while the national rate increased by one-tenth of one percentage point. The Illinois rate is six-tenths of a percentage point above the national average, although the state is now closer to the national rate.
The Flash Index is the weighted average of Illinois growth rates in corporate earnings, consumer spending,” and personal income as estimated from receipts for corporate income, individual income, and retail sales taxes. These revenues are adjusted for inflation before growth rates are calculated. The growth rate for each component is calculated for the 12-month period using data through April 30, 2025.
“The economic uncertainty that has impacted both consumer and business expectations, as well as slightly negative GDP growth in the first quarter, has yet to impact Illinois,” said Fred Giertz, Professor Emeritus, Institute of Government and Public Affairs, University of Illinois Urbana-Champaign.
