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Consumer confidence dips slightly in Florida

By Palm Beach Business.com

DELRAY BEACH — Consumer confidence dipped slightly in Florida but remains near a post-recession high, according to a report released Tuesday by the University of Florida. The index dropped a point to 79 in October as three of the five index components declined.

Perceptions of personal finances now compared to a year ago fell three points to 61 while expectations of personal finances a year from now fell two points to 84.  Expectations of U.S. economic conditions over the next year rose three points to 84, the highest since the recession began in December 2007.  Perceptions of where the economy is headed over the next five years also rose.

“Floridians are still feeling relatively optimistic in October as we head into the final week of the election,” UF Survey Director Chris McCarty said.

McCarty said the election could cause some pessimism over the economy no matter which candidate wins since the state is so closely divided between Obama and Romney supporters. And increasing awareness of the so-called fiscal cliff looming after the election also could factor in.

On the positive side, the housing market continues to recover, with new-home sales rising and the median price of used homes up 7.8 percent year over year. Unemployment fell to 7.8 percent nationally and to 8.7 percent in Florida.

 “The economy is clearly in recovery,” McCarty said.  “However, as we have pointed out in previous releases, the recovery could be derailed if the impending fiscal cliff is not addressed in a sensible and coordinated way.”

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OCTOBER 30, 2012 click to go home
 
         
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