Consumers saving their money rather than spending is just one indicator that Illinois could be on the verge of a recession, according to the Commission on Government Forecasting and Accountability.
The initial focus of January’s COGFA report for Illinois asks if a recession lies ahead. Dan Long, executive director of COGFA, says they’re not declaring a recession quite yet.
Long says Illinois consumers aren’t spending the money they’re saving from lower gas prices and a further drop off in consumer spending could have a deeper impact on economic growth.
