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Illinois economic indicator dips
The University of Illinois Flash Index, a snapshot of the Illinois economy, fell slightly in March. The index dropped from 103.4 in February to 103.1 in March. The three main components of the index include individual income, corporate and sales tax receipts and were all down in inflation-adjusted terms from March 2022. The author of the index said the wait for the anticipated recession later this year continues with experts placing the odds at about 50-50.
Colleges assist students impacted by school closure
Illinois Wesleyan University officials are commenting regarding the closure of Iowa Wesleyan University after 181 years. The school cited rising costs, shifting enrollment trends and the governor’s rejection of a proposal for federal COVID-19 relief funds as reasons for the closure. IWU officials said although the schools are not affiliated, they will work on transfers for students from Iowa. Illinois College in Jacksonville also plans to assist students with transfers.
Lawyer sentenced
An Illinois lawyer is headed to prison for cheating clients in Indiana. Federal prosecutors said 46-year-old Rajesh Kanuru pleaded guilty to wire fraud and embezzlement and was sentenced to 33 months in prison. Kanuru represented a family from Lake Station, Indiana in a personal injury lawsuit when the clients later filed for bankruptcy. Prosecutors said Kanuru was supposed to gather the settlement proceeds to turn over to the bankruptcy estate but instead kept the money.
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