Flash index for Illinois up 1 point

I llinois may be safe from a second recession for now, as the state's flash economic index rose in September, a university economist said Monday. The University of Illinois Flash Index is a weighted average of corporate earnings, consumer spending and personal income data. The index rose one point to 98.8 in September, the university said in a statement. "There is increasing concern that the national economy is headed back into recession -- the much discussed double dip. But the September Flash Index results suggest this fear may be overblown for Illinois," said J. Fred Giertz, an economist who compiles the index for the university's Institute of Government and Public Affairs. The index has risen slowly off its September 2009 low of 90.0. As there is a chance one month's data could be based on transitory factors, the index in October could be a key month for determining if the upward trend will hold, Giertz said. The index uses 100 as the break-even point. Above 100 indicates growth, while below indicates the economy is shrinking.