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Florida consumer confidence falls three points in June

Maybe it was the spike in Florida's unemployment rate. Or new and increased state fees. Or possibly General Motors' tumble into bankruptcy.

University of Florida economist Chris McCarty cited all three factors as possible reasons why Florida's consumer confidence fell three points in June.

The consumer confidence level of 68, though reversing big gains in the spring, is still higher than the lows reached early this year.

One of the biggest drags was Florida's unemployment rate, which rose in May to 10.2 percent.

"Most economists believe unemployment will continue to increase as the economy moves into recovery," said McCarty, director of UF's Survey Research Center at the Bureau of Economic and Business Research.

Among key components of the survey:

• Perceptions of personal finances now compared with a year ago is up three points to 44.

• Perceptions of personal finances a year from now fell six points to 84.

• Perceptions of U.S. economic conditions over the next year fell seven points to 65.

• Perceptions as to whether it is a good time to buy big-ticket items fell nine points to 67.

• Perceptions of U.S. economic conditions over the next five years remained unchanged at 80.

McCarty said he does not expect Florida consumer confidence to decline much more in the next couple of months, barring an unforeseen development.

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Florida consumer confidence falls three points in June 06/30/09 [Last modified: Tuesday, June 30, 2009 3:26pm]
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