Concerns over national economy spill into Illinois
Last month, a troubling report from the U.S. Commerce Department showed reason for major concern over the national recovery. The report showing a 0.7 percent decline in the Gross Domestic Product (GDP), one of the most important economic indicators. The report continued to reflect “the weakest performance emerging from a recession in the post WWII period.” The report also pointed to “softness” in retail sales, and a six-month low in consumer sentiment.
Illinois’ economy is particularly susceptible to a weak national economy, with the worst credit rating of any state, a major budget deficit, and the loss of 300,000 manufacturing jobs since the turn of the century.
Illinois’ jobless rate is currently at 6.0 percent, one of the highest in the Midwest and well above each of our neighboring states.
The weakened state of the economy is further proof of why Republicans continue to push for pro-jobs reforms, and a change to the broken status quo that contributed to a stagnant Illinois economy.