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The University of Illinois Flash Index has risen to its highest point in nearly three years.
The index, which is published by the U of I's Institute of Government and Public Affairs, was 98.8 in September, up one full point from August and the highest figure since December 2008.
Any number under 100 shows economic contraction, while any number over 100 indicates economic growth.
U of I economist Fred Giertz says that as the flash index continues to rise, the possibility of a double dip recession becomes less likely. However, he says nothing is guaranteed.
Hear from Fred Giertz.
Giertz says the upcoming flash index could be a significant indicator of where the economy is heading. He says if it holds steady or continues to rise, it could mean more stability.
The index is a weighted average of the growth rates in corporate earnings, consumer spending, and personal income.