URBANA, Ill. (CAPITOL CITY NOW) – The economy is said to be growing in Illinois, but not as much as it has been.

That’s according to the University of Illinois’ monthly Flasx Index, which is at 102 for the month of May. Any number over 100 is economic growth.

But that number is down from 102.4 in April.

“The major Illinois tax revenues were down in May compared to the same month last year after adjusting for inflation,” said J. Fred Giertz, index author, in a news release.  “Both the individual income and corporate taxes were much lower, while sales tax receipts were down more modestly.”

The index’s authors say major state tax revenues were down in May compared to the same time last year, adjusting for inflation, and state and national unemployment rates remain unchanged in May.

The Flash Index rating, however, is still in the range of where it’s been the last two years, albeit on the low end.

The Flash Index is the weighted average of Illinois growth rates in corporate earnings, consumer spending, and personal income as estimated from receipts for corporate income, individual income, and retail sales taxes, said its authors.  Inflation is taken into account.