The Commission on Government Forecasting and Accountability (CoGFA) released its December report showing a number of disturbing trends with Illinois’ economy and the state’s fiscal health. CoGFA’s report shows that Chicago manufacturing indicators are falling to lows that have not been witnessed since the initial aftermath of the 2008 Great Recession.
Chicago unemployment numbers ticked up slightly during the fourth quarter of 2015, but are still down in comparison to the same final quarter of 2014. The most ominous observation from the monthly report was that “corporate income tax and sales tax have failed to meet even modest expectations.”
To obtain more of the CoGFA report visit http://cgfa.ilga.gov/Upload/1215revenue.pdf.