UF: Florida’s consumer confidence stays level for first time in months
GAINESVILLE, Fla. — Consumer confidence among Floridians remained at 68 in May, ending three consecutive months of decline, according to a new University of Florida survey.
“While the overall consumer confidence index has declined steadily over the last several months and remained flat this month, there has been some uncharacteristic volatility in the individual components,” said Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research. “Of particular interest are the changes in perceptions of personal finances. This month, there was a decline in perceptions of personal finances now compared to a year ago, while expectations of personal finances increased from a record low in the release last month. We attribute most of these changes to fallout from the Florida budget.”
Although April brought some positive signs of recovery, McCarty said the economic environment is still mixed. Unemployment dropped to 10.8 percent — the lowest in Florida since 2009 — but the rate is still one of the highest in the country. Median housing prices rose to $132,700, but McCarty said prices could decline as a backlog of foreclosures moves through the courts. Gas prices have declined the past two weeks, but should rise again with the summer travel season approaching.
“Looking ahead, Florida is once again at a crossroads,” McCarty said. “It is critical that he job situation in Florida continues to improve. Although there have been gains associated with a recovery in tourism, there are several thousand layoffs looming in the public sector and associated industries. These will likely show up in the unemployment rate for July or August. This will likely keep consumer confidence at relatively low levels in the upper 60s.”
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Florida consumer confidence flat in May - South Florida Business Journal - May 31, 2011
Fla. consumer confidence holds steady; US index dips - Ocala.com - May 31, 2011
Florida consumer confidence holds steady in May - Sun Sentinel - May 31, 2011
Consumers stay glum in Florida - Miami Herald - June 1, 2011
State Budget Sinks Florida Consumer Confidence, UF Says - Sunshine State News - June 1, 2011
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