Fiscal Focus Quarterly

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Fiscal
Smarts
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IN THIS ISSUE
Focus On
Revenue
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IN THIS ISSUE
Focus On
Spending
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IN THIS ISSUE
Vital
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Comptroller Daniel W. Hynes
JANUARY 2002 ISSUE
QUARTERLY
7
COVER STORY continued, page 5
In late November, the National Bureau of Economic Research announced
that the United States has been in a recession that began in March 2001.
This came as no surprise to many economists who have been following the
decline in business activity and output and the increase in layoffs and unem-ployment
throughout the year. In fact, the tragic events of September 11,
2001, have brought renewed attention to the state of the economy including
immediate concerns regarding the magnitude of layoffs in the airline and
tourism industries.
The recent layoffs in these industries affect many other workers. For exam-ple,
reduced flights suggest that fewer in-flight meals will be purchased from
food vendors, and reduced tourism suggests not only that fewer hotel rooms
will be occupied, but also that fewer dollars will be spent at tourist sites.
According to Illinois Department of Employment Security estimates, there
may be 300 layoffs in the economy for every 100 layoffs in the airline indus-try.
It is also estimated that a 1% decline in tourism expenditures may lead
to 6,000 layoffs in the economy.
An Overview of
Workforce Development