Flash Index breaks 100: First sign of economic growth since 2008
The Flash Index for March increased to 101.0 from its 99.2 level last month. The Flash Index indicates whether the Illinois economy is expanding or contracting. A reading at or above 100 signifies economic growth. The index has been below 100 for the past three and a half years, reflecting a slow or stagnant economic recovery. The March results are the highest since September 2008, signifying a positive trend for the Illinois economy.
“There is nothing magic about the 100 level,” said J. Fred Giertz, who compiles the Flash Index for the Institute of Government and Public Affairs. “However, the combination of the substantial monthly increase (from 99.2 to 101.0) and the breaking of the 100 barrier is good news for the economy.”
The strong reading this month is consistent with both U. S. and Illinois economic data. The financial markets are strong and unemployment is falling both in the state and the nation. However, Illinois’ recovery is still lagging with the unemployment rate at 9 percent compared to the 8.3 percent for the nation.
Despite the good news, the recovery from the 2007-2009 recession remains anemic with very high unemployment rates at this stage of the business cycle. “It will likely be at least a year or two before unemployment rates in the 6 percent range are achieved,” Giertz said.
All three components of the index (individual income tax, corporate tax, and sales tax receipts) were up in real terms in March compared to the same month last year with the largest percentage increase registered by corporate receipts.
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
Wednesday, April 4, 2012
First sign of economic growth in Illinois since 2008 | Institute of Government and Public Affairs
One Fewer Illinois Government? Evanston Voters Favor Dissolving Township. | The Civic Federation
Evanston voters overwhelmingly approved a non-binding advisory referendum to dissolve Evanston Township in the March 20, 2012 election. Election results show that 66.9% of voters supported the measure while 33.0% opposed it. Legally dissolving the township will require action by the General Assembly.
In October 2011, the Evanston City Council voted 5-4 to submit the question of abolition to a vote and to lobby the General Assembly for legislation that would eliminate the township and transfer its functions to the municipal government.
Click on the following to read the rest of the story: One Fewer Illinois Government? Evanston Voters Favor Dissolving Township. | The Civic Federation
Gas taxes: What are you paying for at the pump? - Illinois Review
Click on the following for the complete story: Gas taxes: What are you paying for at the pump? - Illinois Review
Daily Chronicle | DeKalb Township gets OK to consider referendums
Three advisory referendums pertaining to the city of DeKalb on the agenda for the annual meeting of DeKalb Township can move forward, the DeKalb County State’s Attorney’s Office has determined
If approved at the township meeting, the referendums would be voted on by all DeKalb Township residents in the November general election. If approved in November, they could not be implemented because they are not binding.
.Legislation pending in the General Assembly – House Bill 2820 – would revise state law and require township advisory questions to pertain to township business. (The three referendum items are regarding other units of government)
Daily Chronicle | DeKalb Township gets OK to consider referendums
Northwest Herald | 5 Ill. hospitals pull requests for tax exemptions
Illinois Department of Revenue spokeswoman Susan Hofer says hospitals in Murphysboro, Moline, Urbana, Monmouth and Hillsboro have withdrawn applications in the past week. That clears county authorities to evaluate the properties and collect taxes.