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Florida consumer confidence is stagnant for August

Florida consumer confidence remained stagnant in August with no clear sign that the economy is either recovering or heading into another recession, according to a University of Florida survey released Tuesday.

The consumer confidence index inched up one point to 67, a measure reflecting weak faith in economic conditions.

"With the exception of a jump in April due almost entirely to the housing and appliance rebate programs, consumer confidence has been stuck in the upper 60s to low 70s for the past year," said Chris McCarty, director of UF's Survey Research Center in the Bureau of Economic and Business Research. "We are in the economic doldrums."

Two of the five components of the index rose from July, both of them connected with Floridians' perception of their personal finances.

McCarty surmised the rise was in part because the gulf oil spill had been contained, reining in fears of a worsening environmental and economic crisis.

Still, he said, the state's high level of unemployment, shaky housing market and fluctuations in the stock market are enough to keep people wary. Overall, he said, the economic indicators "don't show a clear path out of recovery or back to another recession."

Nationally, the University of Michigan's consumer confidence index released last week was in a similar condition, rising one point for the month.

Florida consumer confidence is stagnant for August 08/31/10 [Last modified: Tuesday, August 31, 2010 7:14pm]
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