Confidence rises slightly among Florida consumers, UF survey finds

Palm Beach Business.com Staff

Conference Board index

GAINESVILLE — Floridians remain gloomy over the current state of the economy but a little more upbeat about the future, according the July consumer confidence reading from the University of Florida.

Meanwhile, a separate report from the Conference Board found confidence among national consumers remaining about the same as in June: Extremely low.

The University of Florida’s consumer confidence index rose to a reading of 60, up 3 points from the all-time low of 57 in June. The Conference Board’s Consumer Confidence Index rose ever so slightly to 51.9 from 51.0 in June, its lowest point in decades.

Both reports were released Tuesday.

The Florida report found Sunshine State residents in a down mood about their personal financial situation. That component of the survey comparing their current situation with that of a year ago fell four points to a record low of 47. On the other hand, more consumers expect their finances to be better next year.

“Consumers are quite gloomy about their current finances, but expect some change over the next year,” said Chris McCarty, director of the University of Florida survey. “Consumers now understand the full impact of all the negative economic news.”

The Conference Board survey did find one glimmer of hope: A slight increase in optimism about immediate future

Said Lynn Franco, director of the Conference Board Consumer Research Center: "Consumers' assessment of current conditions was little changed, suggesting there has been no significant improvement, nor significant deterioration, in business or labor market conditions.

“Looking ahead, while consumers remain extremely grim about short-term prospects, the modest improvement in expectations, often a harbinger of economic times to come, bears careful watching over the next few months."

Meanwhile, McCarty expects Florida confidence to remain low over the next few months, but unlikely to drop much from current readings.

“There is no doubt that the remainder of the year will be quite difficult for retailers, but I do not expect the pessimism about the economy to go much further under current conditions.”