July was another strong month for the Illinois economy, according to the University of Illinois Flash Index. The Index had a reading of 106.5 in July, up .2 of a point from June, and up nearly two full points from April. But U-of-I economist Fred Giertz says the economic recovery continues to be hampered by high unemployment.
"Illinois is above 9%. Nationally, it's 7-plus percent. And this is very high for this stage of a recovery. So we have kind of an unusual for the past, but not unusual in the last year or two, where we had steady economic growth, but yet the unemployment rate's not coming down the we'd hope it to be reduced."
Giertz says it appears that the overall growth in the economy indicated by the Flash Index has not been enough to create enough new jobs for both the unemployed and new job-seekers. The Flash Index is based on Illinois income, sales and corporate tax receipts.
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