The Illinois Flash Index for November fell marginally to 102 from its reading last month of 102.2, remaining in a narrow range over the previous five months. However, any index reading above 100 indicates growth.
“It is still too early for the index to register the impacts, if any, of the November election,” said Fred Giertz, Professor Emeritus, Institute of Government and Public Affairs, University of Illinois Urbana-Champaign.
Both individual income and sales tax receipts were down slightly compared to November 2023 after adjusting for inflation. Corporate tax receipts were down more significantly, resembling last month. Both the state and national unemployment rates remained unchanged with the Illinois rate 1.2 percentage points above the national level.
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 months using data through November 30, 2024.
“It is still too early for the index to register the impacts, if any, of the November election,” said Fred Giertz, Professor Emeritus, Institute of Government and Public Affairs, University of Illinois Urbana-Champaign.
