Economic growth continues its slowdown, according to the University of Illinois Flash Index.
The measure of the state’s economy based on state tax receipts produced a reading of 104.7 in April. That’s the second month of consecutive declines, and the lowest reading since December of 2012.
U of I economist Fred Giertz says the economy has slowed nationwide, but that Illinois’ economy seems to have slowed even more.
He points to a widening gap between the national and state unemployment rates.
"A year ago, Illinois’ unemployment rate was only about less than half a percentage point above the national average, and seemed to be closing the gap. But today, a year later, the national unemployment rate has fallen by about half a percentage point, and the Illinois rate has gone up. So now the differential’s about one and a half percentage points,” said Giertz.
Giertz says it appears likely that the budget impasse in Springfield is contributing to Illinois’ economic slowdown, but it’s impossible to document the cause.