According to revised data from the Bureau of Economic Analysis, Illinois was one of seven states to see personal income declines during the last year. This marks the first time since 2009 that Illinois saw its personal income fall.
The revised data also showed that the U.S. growth rate was 1.9 percent, rather than the initially reported 2.1 percent.
Leaders in the Illinois Senate Republican Caucus say that families continue to struggle with inflation and the increased cost of living and that this data should underscore the dire need for the General Assembly to take action.
When household income drops, it can have far-reaching consequences, impacting the ability to cover basic necessities and maintain a certain standard of living. Such declines may result from various factors, including job loss, wage stagnation, or economic downturns. Families facing these challenges often find themselves grappling with mounting bills, reduced savings, and limited opportunities for investments in education, healthcare, or retirement planning. The repercussions of diminished personal income can be particularly challenging for vulnerable populations, such as low-income families.