Commission on Government Forecasting and Accountability
HOUSE
C.D. Davidsmeyer, Co-Chair
SENATE
David Koehler, Co-Chair
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August 2022 Monthly Briefing
ECONOMY: FY 2022 EMPLOYMENT DATA
Benjamin L. Varner, Chief Economist

Total nonfarm payroll in the State of Illinois averaged 5,935,700 employees on a non-seasonally adjusted basis in FY 2022. This was almost 236,000 more jobs than the FY 2021 average of 5,700,000. This equaled growth of over 4% in payroll. While growth was good in FY 2022, payrolls have not returned to the levels seen prior to the COVID-19 pandemic due to two fiscal years of decline in FY 2020 and FY 2021.

While employment in Illinois has fluctuated in recent years, wage growth has been consistently positive. From FY 2015 to FY 2018, average weekly earnings grew by approximately 1.5% per year. Since FY 2019, average weekly earnings have increased by at least 4% annually and jumped 5.8% in FY 2021. In FY 2022, the average weekly earnings were $1,103, which was 4.1% higher than FY 2021’s level of $1,059.


REVENUE: AUGUST REVENUES INCREASE ON STRENGTH OF “BIG THREE” REVENUE SOURCES AND FEDERAL REIMBURSMENTS
Eric Noggle, Revenue Manager

Base general funds revenues grew $255 million in August due to continued solid performances from the “big three” revenue sources. In addition, another $180 million in revenues from ARPA Reimbursement for Essential Government Services was receipted in the State’s general funds, raising the overall monthly gain to $435 million.
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Through the first two months of the fiscal year, base receipts are up a relatively modest $65 million. While economic sources have performed quite well so far this fiscal year [up $468 million net], a $403 million decline in base federal sources has nearly offset these other gains. However, when the combined $764 million in one-time ARPA Reimbursement for Essential Government Services funds received in July and August are included, federal sources are instead up $361 million. Therefore, thru August, total general funds are a combined $829 million above last year’s pace.