Illinois economic report shows slow growth

Nov 3, 2015

Illinois' economy continues to grow, but at a slower rate than it was a few months ago, according to a monthly economic report from the University of Illinois.  

The U of I Flash Index fell to 105.8 in October from 106 in September. Though any number over 100 indicates growth in the state's economy, this is the third month of decline for the index.  

The report's author, U of I economist Fred Giertz, says the slower growth is a reflection of a bigger global trend, especially slowdowns in Europe and China.

"There are all kinds of things that we can do in Illinois to try to deal with some of the issues but overall, our economy kind of lives or dies or goes up or down with the world economy and we can't do much about that."

Giertz says factors that seem positive, like the high value of the U.S. dollar and lower fuel prices, also slow the state's economic growth. 

In another indication Illinois’ economy is slowing, the state has only added 2,200 new jobs since the beginning of the year, according to the state’s Department of Employment Security. Illinois unemployment rate, however, has dropped to 5.4%.  Though that number can leave out those who choose to quit looking for work.