ECONOMY: FY 2023 EMPLOYMENT AND WAGE DATA
Benjamin L. Varner, Chief Economist

In August, the Bureau of Labor Statistics released final employment and wage data for Illinois through June 2023 allowing the Commission to analyze the changes in this data over the last fiscal year. This data is collected as part of the Current Employment Statistics (CES) program. The CES program collects establishment survey data that produces detailed industry estimates of employment, hours, and earnings of workers on nonfarm payrolls. Total employment continued to grow in Illinois during FY 2023 but slower than the extraordinary pace observed in FY 2022. Similarly, wage growth moderated after four years of strong growth.

GENERAL FUNDS RECEIPTS FALL SLIGHTLY IN AUGUST, BUT FY 2024 STILL OFF TO SOLID START
Eric Noggle, Revenue Manager
August base revenues deposited into the State’s General Funds slowed from July’s strong start, with a slight decline of $34 million. However, when combined with July’s base growth of $396 million, revenues are up a combined $362 million to start the fiscal year, perhaps indicating a timing element to the first two month’s collection activity. The value of the August decline falls to -$214 million when factoring in last August’s $180 million in ARPA reimbursements.
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While many of the General Funds revenue lines showed weaker results in August, the strength of the July numbers has resulted in cumulative base revenue growth of $362 million [+5.6%] through the first two months of the fiscal year. These revenue gains are led by a $251 million rise in “base” Federal Sources. It must be noted that when factoring in the $764 million in one-time revenues received from ARPA reimbursements in July and August of last year, Federal Sources are actually down $515 million and the overall change in General Funds receipts calculates to a cumulative year-over-year decrease of $402 million.