According to survey figures released Tuesday, statewide consumer confidence fell again this month, surpassing a 16-year low recorded in March.
The results of the monthly University of Florida survey was one of several pieces of unpleasant economic news that came out Tuesday. Among the others:
• A national home-price survey showed that the South Florida market was the second-fastest-falling in the nation in February.
• A study found that Florida ranked fourth in the nation for the number of mortgage foreclosures during the first quarter.
''These things are obviously all related,'' said Chris McCarty, director of the Survey Research Center at UF's Bureau of Economic and Business Research, which conducts the monthly confidence survey.
''Falling housing prices, stricter guidelines for all forms of credit and rising gasoline and food prices are hitting consumers all at once,'' he said. ``This has raised the possibility of stagflation, a circumstance where gross domestic product retracts while inflation rises.''
Floridians close wallets as consumer confidence sinks - Miami Herald - April 30, 2008
Read more on this topic:
Consumers continue to see grim prospects - Palm Beach Post - April 29, 2008
Consumer confidence in Florida hits 16-year low - Jacksonville Business Journal - April 29, 2008
Fla. consumer confidence hits 16-year low - Miami Herald - April 29, 2008
Floridians Not Pleased With Economy - WJHG TV, Panama City, FL - April 29, 2008