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Florida consumer confidence tumbles

Remember that surge of confident Florida consumers last month? Forget about it.

Consumer confidence statewide tumbled 4 points this month from 78 to 74, reversing a 4-point jump in May, according to a University of Florida survey released Tuesday.

The index is benchmarked to 1966, which means a value of 100 represents the same level of confidence that existed that year. The lowest index possible is a 2; the highest is 150.

The downturn in Florida confidence meshes with the latest national snapshot. The Conference Board's measure of consumer confidence fell for the fourth consecutive month in June, down from 64.4 in May to 62, reaching its lowest point since January.

Chris McCarty, director of UF's Survey Research Center in the Bureau of Economic and Business Research, said the drop measured by the state's monthly telephone survey was across age and income groups.

It was the first time since February that all five components used to gauge confidence fell. The biggest plunge was a 10-point drop in perceptions that their own personal finances would be better a year from now.

Florida consumer confidence tumbles 06/26/12 [Last modified: Tuesday, June 26, 2012 8:24pm]
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