Tuesday, November 20, 2018
Business

Florida consumer confidence dips, but remains strong overall

Florida consumer sentiment fell in August, but remains high overall for the year, according to an analysis released Tuesday by the University of Florida.

Consumer confidence dropped 2.3 points in August to 98.3. But figures for July were revised higher, showing Florida consumer sentiment at 100.6, topping 100 points for the third time this year — which hasn’t happened since 2000.

"While these two components moved in opposite directions, they showed overall that opinions regarding current economic conditions have decreased slightly among Floridians in August," said Hector H. Sandoval, director of the economic analysis program at UF, in a statement.

UF’s consumer study reflects the responses of 393 people over the month of August. The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The index can range from 2 to 150 points.

Previous coverage:Florida consumer confidence drops across-the-board in June

The analysis shows Floridians’ perception of their personal finances between now and last year declined nearly six points, but at the same time there was a four-point jump in consumers who said now was a good time to buy a major household appliance at 109.4 points.

Florida’s economy has been expanding while the labor market is tightening. Figures for July show 210,600 jobs were added statewide year over year, an increase of 2.5 percent.

Leisure and hospitality gained the most jobs, followed by construction, education and health services and professional and business, according to state analysis. The latest unemployment report shows the jobless rate fell one-tenth of a percent from 3.8 to 3.7 percent from June to July.

"Despite the decline in consumer confidence experienced in August, overall confidence has remained high among Floridians in the last months," Sandoval said

He suspects an increase in wages following the tightening labor market, which will result in greater spending and consumption.

Contact Sara DiNatale at [email protected] Follow @sara_dinatale.

Comments
Tampa Bay ranks No. 9 for package theft around holidays

Tampa Bay ranks No. 9 for package theft around holidays

So-called "porch pirates" steal packages from 26 million Americans during the holidays, a new ranking said.
Updated: 7 hours ago
How to shop local for Black Friday, Small Business Saturday and Cyber Monday

How to shop local for Black Friday, Small Business Saturday and Cyber Monday

It’s retail’s big weekend, from Black Friday through Giving Tuesday. But instead of dealing with crowds and lines at the malls and big box stores, support local and small businesses.
Updated: 7 hours ago
Martha Stewart's first ride on Uber was 'a mess inside and out'

Martha Stewart's first ride on Uber was 'a mess inside and out'

Martha Stewart took to Instagram to document her miserable ride, including a picture that showed debris on the floor and two water bottles.
Updated: 7 hours ago
Love that new car smell? Ford just figured out how to get rid of it

Love that new car smell? Ford just figured out how to get rid of it

The company recently filed a patent for technology that would allow autonomous vehicles to bake the smell out of themselves.
Updated: 7 hours ago
Here's why the holiday shopping season is so important for Florida's small retailers

Here's why the holiday shopping season is so important for Florida's small retailers

Beyond Black Friday, the holiday season can make or break some independent retailers.
Updated: 8 hours ago
After 32 years in St. Petersburg, Texas Cattle Company steak house has closed

After 32 years in St. Petersburg, Texas Cattle Company steak house has closed

Sales at Texas Cattle Company on 34th Street N in St. Petersburg had been declining for a 10 years as dozens of new restaurants sprang up in the city.
Updated: 11 hours ago
TV’s ‘Billion-Dollar Man’ started by opening up a can of sales success

TV’s ‘Billion-Dollar Man’ started by opening up a can of sales success

Bob Circosta grew into an HSN pioneer because of a ‘crazy’ request to sell a simple appliance.
Published: 11/20/18
Controversial apartment project near Brooksville gets pulled for now

Controversial apartment project near Brooksville gets pulled for now

Flooding and highway access were among the concerns.
Published: 11/20/18
IRS: Tarpon Springs couple used 'sham' companies to keep from paying $8.8 million in taxes

IRS: Tarpon Springs couple used 'sham' companies to keep from paying $8.8 million in taxes

The federal government accuses William and Regina Planes of Tarpon Springs of creating "alter egos'' and "sham trusts'' to keep the IRS from collecting more than $8.8 million in taxes they owed.
Updated: 11 hours ago
Make-A-Wish builds Pinellas special needs teen a custom playhouse

Make-A-Wish builds Pinellas special needs teen a custom playhouse

Make-A-Wish Southern Florida surprised a Pinellas County teen with a custom backyard play set specifically designed for his needs.
Published: 11/19/18
Updated: 11/20/18