September 2019 Monthly Briefing
CONSUMER DEBT IN ILLINOIS
Benjamin L. Varner, Senior Analyst and Economic Specialist
The New York Federal Reserve recently produced a report that stated household debt balances in the U.S. increased by $192 billion in the second quarter of 2019, a 1.4% increase, and stood at an all-time high of $13.86 trillion. The report noted that balances have been steadily rising for five years and in aggregate are now $1.2 trillion higher, in nominal terms, than the previous peak of $12.68 trillion seen in the third quarter of 2008. Overall household debt was now 24.3% above the most recent trough in the second quarter of 2013.
REVENUE: SEPTEMBER REVENUES UP DUE TO FEDERAL SOURCES, INCOME TAXES, AND TRANSFERS
Jim Muschinske, Revenue Manager
Excluding $400 million in Treasurer’s Investments, base September revenues increased by $729 million. Federal sources were the largest contributor to the monthly gain as receipts jumped $330 million, continuing what has been a very uneven receipt pattern for that source. Both personal and corporate income taxes performed quite well, and September’s receipts were also bolstered by the timing of certain transfers.
Excluding proceeds from the Treasurer’s Investment program, through September, base general funds receipts have posted gains of $1.211 billion. The increase has been driven by specific transfers [Refund Fund and Capital Projects Fund], stronger federal sources, and good performance from the larger economically related sources.