Florida’s consumer confidence dips as bleak employment picture persists

GAINESVILLE, Fla. — The state’s double-digit unemployment rate is likely to blame for a two-point drop in Florida’s consumer confidence in July to 67, despite good news about housing prices and the stock market, a new University of Florida survey finds.

“We had expected consumer confidence to fluctuate between the upper 60s and low 70s for the next few months, but given the current economic climate, this decline comes as a bit of a surprise,” said Chris McCarty, director of UF’s Survey Research Center at the Bureau of Economic and Business Research.

Consumers’ increasing pessimism about long-term economic conditions and the outlook for their personal finances account for most of the downturn, McCarty said. “Given that the stock market is now up for the year and housing is showing strong signs of stabilizing, I would attribute much of this decline to the news about employment,” he said.

Florida’s consumer confidence dips as bleak employment picture persists - University of Florida News - July 28, 2009

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