Recession Strikes Illinois: State's Economic Woes Highlighted in Latest Index

Ash Jurberg

Gloomy News for Illinois Following Latest Economic Index
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The Federal Reserve Bank released its monthly State Coincident Index, and it doesn't make for good reading for people in Illinois. The economies of sixteen U.S. states contracted between July and October, with Michigan experiencing one of the biggest declines.

Business Insider reports the coincident indexes "pull together four state-level indicators, including nonfarm payroll employment, the unemployment rate, average hours worked in manufacturing by production workers, and wage and salary disbursements deflated by the consumer price index."

Based on this, Illinois posted a 0.79 percent decline- only five states posted a worse result.

While Illinois has entered into a recession, the performances of other states may see the United States as a whole avoid a recession. DataTrek Research cofounders Nicholas Colas and Jessica Rabe said the growth of most states "should be enough to keep the U.S. economy as a whole from falling into recession this quarter."

Your thoughts

Are you concerned about these economic figures? Do you fear the United States could be heading toward a recession? Who is to blame? Is there anything Gov. Pritzker can do to stem the job losses in Illinois?

Please leave your thoughts in the comments section below and share this article with others so more people can join the discussion.

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