Wednesday, February 21, 2018
Business

Florida consumer confidence falls after election

Florida consumer confidence tumbled after the politically split state digested the results of the presidential election.

The state's consumer confidence fell to 76 in November, down four points from the revised October reading of 80, according to a University of Florida survey released Tuesday.

Chris McCarty, director of UF's Survey Research Center in the Bureau of Economic and Business Research, said he wasn't surprised.

"We expected it for two reasons," McCarty said in a statement. "The main reason was the outcome of the elections. Florida was the most divided state in the country, with President Obama winning by 73,309 votes. No matter who won, half of the state was not going to be happy with the outcome."

UF's survey indicated that confidence among Florida Democrats rose from 99 in October to 103 in November, while confidence among Republicans fell from 62 to 50.

Florida's survey is benchmarked to 1966, which means a value of 100 represents the same level of confidence as for that year. A reading of 76 is in the higher range since the recession, but it's still low compared to levels seen during a healthy economy.

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