Florida’s consumer confidence drops as bad economic news persists
GAINESVILLE, Fla. — Florida’s consumer confidence fell three points in June to 68, possibly because of new and increased state fees for residents, General Motors’ bankruptcy and a spike in Florida’s unemployment rate a new University of Florida survey finds.
The index components were mixed, with perceptions of personal finances now compared with a year ago up three points to 44 from a revised May reading of 41 but still near historical lows. All others were lower than or the same as last month.
Perceptions of personal finances a year from now fell six points to 84, and perceptions of U.S. economic conditions over the next year fell seven points to 65 — it was 51 at this time last year. Perceptions as to whether it is a good time to buy big-ticket items fell nine points to 67. Finally, perceptions of U.S. economic conditions over the next five years remained unchanged at 80.
“In the previous two releases we had suggested the possibility of a small decline in confidence in June, which seems to have been the case,” said Chris McCarty, director of UF’s Survey Research Center at the Bureau of Economic and Business Research. “This is most likely a combination of the fallout from the Florida state budget, which includes several new and increased fees, as well as the bankruptcy of GM.”
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