NEW YORK - Consumer confidence fell sharply in January nationally and in Florida on worries over deteriorating business conditions and a weakening job market, business research groups said Tuesday.
The New York-based Conference Board said that its Consumer Confidence Index dropped to 87.9 in January from a revised 90.6 in December. That put it back to about where it was in November, when it registered 87.8.
In Florida, consumers are downright glum. The University of Florida's Bureau of Business and Economic Research said that its monthly index of Florida consumer confidence had plummeted to the lowest level in 16 years.
The index fell four points to 70, on a scale of 100, based on declines in consumers' short- and long-term outlook on the national economy, the prospects for their personal finances in the coming year and their spending plans.
"Consumer confidence in Florida reflects the same conditions we had during the recession of 1990-91," Chris McCarty, director of UF's survey research center at the bureau, said in a statement. The reading was the lowest since December 1991.
Consumer outlook declines in January - The Associated Press, Sun Sentinel, Ft. Lauderdale
More on this topic:
Study: Florida's consumer confidence hits 16-year low - South Florida Business Journal
Talk of the bay: As cash flows in, specialty banks line up
- St. Petersburg Times
Study: Consumer confidence at 16-year low
- Miami Herald