COGFA reports show mixed economic signals
The legislative Commission on Government Forecasting and Accountability produced its October report, and the results are mixed. Illinois’ economic expansion was slowed during the month and as a result, the percentage of growth in the Gross Domestic Product fell to 2 percent for the year. During the summer months, Illinois’ economic output was hovering just shy of a healthy four percent.
September’s economic results showed an 11.5 percent decline in home sales, but economists stressed that Illinois home sales are still strong. That’s due to an uptick of 2.1 percent for the first nine months of 2015. Gas and fuel receipts are down by 19.7 percent due to the downturn in fuel prices. Conversely, it appears that Illinoisans are investing more money into higher expenditures for automobiles, furniture, and home furnishings.