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Economic concerns push down Florida's consumer confidence index

A gloomy assessment of the nation's economy drove down consumer confidence among Floridians in May, according to a new University of Florida survey.

The 2-point drop put the state index at 78, a level reflecting a relatively low degree of optimism.

Chris McCarty, survey director within UF's Bureau of Economic and Business Research, said the decline was "significant" but still within the range that confidence has been fluctuating over the past year.

"Much like other economic indicators, consumer sentiment seems to be stuck in a relatively narrow range," he said. "The index is neither trending down or up."

The biggest drag came when survey takers were asked whether U.S. economic conditions would improve five years out (down 5 points) and their confidence in the national economy this year (down 4 points).

Of the other three components that make up the index, two were up and one was unchanged.

The monthly survey is benchmarked to 1966, which means a reading of 100 matches the level of confidence for that year.

Economic concerns push down Florida's consumer confidence index 05/27/14 [Last modified: Tuesday, May 27, 2014 6:45pm]
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