September 2018 Monthly Briefing
ILLINOIS EMPLOYMENT AND WAGE UPDATE
Eric Noggle, Senior Revenue Analyst
From a fiscal year average perspective, Illinois averaged 6.087 million jobs in FY 2018, which was a 0.8% increase over the FY 2017 average of 6.039 million jobs. This is the eighth consecutive year of positive growth in Statewide employment following three consecutive years of negative job growth suffered as a result of the Great Recession. Since FY 2010, employment has increased by approximately 488,000, an increase of 8.7% over this eight-year period.
REVENUE: SEPTEMBER REVENUES MIXED — WEAK FEDERAL RECEIPTS SOFTEN GOOD PERFORMANCE OF ECONOMIC SOURCES
Jim Muschinske, Revenue Manager
Excluding $200 million related to the Treasurer’s Investment transfers per P.A. 100-1107, base revenues grew $193 million in September. A very weak month for federal reimbursements served to undermine what otherwise would have been decent gains in other revenue areas, particularly the performance of income and sales taxes.
Excluding $150 million in interfund borrowing last fiscal year, and the recent $200 million related to the Treasurer’s Investments this fiscal year, the first quarter of FY 2019 shows general funds ahead of last year by $390 million. Gross personal income tax is up by $732 million, or $615 million net. The gain is partially due to timing associated with last year’s rate increase which took time to be fully integrated. Similarly, gross corporate income taxes are up by $135 million, or $115 million net. Gross sales tax receipts are up by $82 million, or $77 million net. All other tax sources combined added $32 million to the first quarter gain.