A major credit rating agency signaled they may again cut the state’s credit rating, while a new report shows that though the economy has improved nationally, Illinois remains in a recession.

A new report from Moody’s Economy and MSNBC identified Illinois as one of just eight states still in a recession. Despite the recent declaration by the National Bureau of Economic Research that the national recession ended in June 2009, the MSNBC/Moody’s adversity index reflects that a few select states, including Illinois, continue to trail 42 other states.

All of Illinois’ neighboring states are listed as in recovery, as are all of the five most populous states, except Illinois (New York, California, Florida and Texas). In addition to Illinois, the other states considered still in recession are Nevada, Michigan, Vermont, Rhode Island, Georgia, Mississippi and New Mexico.

Illinois lost 4,200 jobs in August and lost 21,900 jobs the month before. Over those two months, Illinois lost more jobs than 47 other states in the nation.

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