University of Illinois economist Fred Giertz compiles the Flash Index, based on Illinois tax receipts. He says the current slump in the state reflects one in the national economy including preliminary data this week that shows first quarter Gross Domestic Product growth of just one tenth of one percent.
But Giertz says there’s a potential for better times ahead.
“The winter was an unusually harsh situation and changed a lot of things and probably retarded growth. And the hope is, is that will turn around and we’ll start doing some catching up now. But, again, no one really knows if that is the true answer or not," says Giertz.
Any reading above 100 on the Flash Index reflects economic growth, so the recent decline means the Illinois economy is still growing ---- just not as quickly as in previous months.