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Florida consumers grow more confident in July

By Palm Beach Business.com

DELRAY BEACH — Confidence among consumers surged both statewide and nationally in July, according to separate reports released Tuesday.

The University of Florida’s consumer confidence index rose three points to 76, while the the Conference Board’s national index rose to 65.9 from last month’s 62.7. The UF reading for July is nine points higher than the year-ago number.

“In July consumers are feeling much better about their personal finances compared to June and really to their circumstances since the recession ended two and a half years ago,” UF Survey Director Chris McCarty said.  “Some of this can be attributed to a more positive housing picture in some areas of the state where prices are actually rising
rather than falling.”

McCarty also cited the stock market, which, while volatile, generally has moved higher, and gasoline prices that are down from levels seen earlier this year despite an upward trend in July.

The Conference Board’s Lynn Franco noted that the index is down at historically low levels despite this month’s increase. “Consumers' attitude regarding current conditions was little changed in July, but their short-term expectations, which had declined last month, bounced back,” Franco said.

“However, while consumers expressed greater optimism about short-term business and employment prospects, they have grown more pessimistic about their earnings. Given the current economic environment — in particular the weak labor market — consumer confidence is not likely to gain any significant momentum in the coming months."