Ill. State Rep. Jason Bunting (R-Emington) | Submitted photo
Ill. State Rep. Jason Bunting (R-Emington) | Submitted photo
State Rep. Jason Bunting (R-Emington) commented on Illinois' performance on a recent WalletHub ranking of states' economies, calling for improved fiscal policies going forward.
“Illinois' economy ranks No. 32 in the country, but our economic health came in at No. 49,” Bunting said in the June 5 Facebook post. “We need better economic policies as we move into the future.”
According to a June 5 article by WalletHub, Illinois’ economy ranked 32 out of 50 states, with a total score of 41.94, scores of, including a score of 19 for economic activity, 49 for economic health and 26 for innovation potential. Chicago came in at 44 for industry diversity, out of 501 of the country's large cities, WalletHub reported in April.
Moody’s Analytics and Economic and Consumer Credit Analytics' 2023 Economic Forecast for the State of Illinois, released in February, predicted the state’s economy will grow more slowly this year, with payrolls on track to return to levels seen prior to the pandemic.
The analytics firms also noted in the report the Land of Lincoln performed well amongst its Midwest peers over 2022-2023, with its job growth outpacing the Midwest region overall, but the report noted the state's jobless rate “averaged 4.7% in the fourth quarter, compared with 3.8% in the region and 3.6% in the nation. The labor force is up from a year earlier, but it has been contracting since mid-2022 and remains extremely depressed compared with a few years earlier.”
In a separate monthly briefing released in February, the Illinois Commission on Government Forecasting and Accountability set unemployment in the state at 4.7% in its latest figures, unchanged from the previous month, but down from 5.1% the previous year. It also noted in the briefing that Standard and Poor’s gave the state ‘s general obligation bonds a rating of an A-, up from BBB+, the state’s moral obligation debt moved from BB+ to BBB-
The bond rating increase comes after MyStateline.com reported in December that Fitch credit rating agency forecast the state to struggle economically this year.
“It is fair to say that Illinois is going to face a tougher situation than most other states given its rating level,” Fitch analyst Eric Kim told The Center Square, with the credit rating agency noted that the state’s low rating is likely a result of its having the largest amount of public employee retirement costs in the nation.
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