Featured Research

from universities, journals, and other organizations

Florida’s consumer confidence hits new post-recession high

Date:
July 29, 2014
Source:
University of Florida
Summary:
Consumer confidence among Floridians rose two points in July to 84, hitting another post-recession high for a second consecutive month, according to a new survey.

Consumer confidence among Floridians rose two points in July to 84, hitting another post-recession high for a second consecutive month, according to a new University of Florida survey.

Related Articles


"While an index of 84 is not historically high, it does reflect far more optimism than we have seen over the past year," said Chris McCarty, director of UF's Survey Research Center in the Bureau of Economic and Business Research.

The last time Florida consumers were this confident was April 2007, prior to the recession, when the housing market was beginning to unravel. The Consumer Sentiment Index peaked at 98 in January 2004. The index is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is 2; the highest is 150.

"Overall, we are quite a bit behind where we would typically be this far out from the end of a recession, but we had a lot further to go in this recovery," McCarty said.

Two of the five components used in the survey showed an uptick in confidence in the national economy since June. Survey-takers' trust in its performance over the next year rose four points to 84, while their expectations for the country's economic health over the next five years went up seven points to 85.

They also remain optimistic about whether this is a good time to buy major household items, such as a refrigerator, maintaining a post-recession high of 94 since last month.

Respondents, however, were slightly pessimistic about their own personal finances. Their perception of being better off financially now than a year ago fell two points to 74 after reaching a post-recession high of 76 in June. Meanwhile, their expectations of enjoying improved finances a year from now fell one point to 82.

Floridians' increasing optimism is happening despite mixed economic signals, McCarty said. For example, although the state's employment situation continues to improve, with the unemployment level declining one-tenth of a percent to 6.2 in July, some question the quality of the new jobs, particularly in the service sector, McCarty said.

"Construction employment has made solid gains but is still far below the level it was prior to the recession," he said.

Record-high stock market prices in June were good news for both the employed population and retirees with equity investments. The state's housing prices were also up last month, with $185,000 the median price of a single-family home. "However, there are some signs that housing gains may slow as both housing starts and sales of existing homes slowed in southern states," McCarty said. "Economists are waiting to see if the decline is noise or part of a trend."

Floridians also might be upbeat because the federal government continues to control inflation, McCarty said. In addition, gas prices in Florida have fallen since June and have been headed down since April.

"Given the current trends here in Florida, our expectation is that consumer sentiment will continue to rise slightly in the short run," McCarty said. Potential negative factors are mostly external such as a rise in short-term interest rates in the fall, the effect on consumers from escalation of conflicts in the Middle East and Ukraine, and a significant correction in the stock market.

Conducted from July 1-24, the study reflects the responses of 410 individuals, representing a demographic cross-section of Florida.

Details of the July survey can be found at http://www.bebr.ufl.edu/cci.


Story Source:

The above story is based on materials provided by University of Florida. The original article was written by John Dunn. Note: Materials may be edited for content and length.


Cite This Page:

University of Florida. "Florida’s consumer confidence hits new post-recession high." ScienceDaily. ScienceDaily, 29 July 2014. <www.sciencedaily.com/releases/2014/07/140729115110.htm>.
University of Florida. (2014, July 29). Florida’s consumer confidence hits new post-recession high. ScienceDaily. Retrieved October 25, 2014 from www.sciencedaily.com/releases/2014/07/140729115110.htm
University of Florida. "Florida’s consumer confidence hits new post-recession high." ScienceDaily. www.sciencedaily.com/releases/2014/07/140729115110.htm (accessed October 25, 2014).

Share This



More Science & Society News

Saturday, October 25, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Ebola Protective Suits Being Made in China

Ebola Protective Suits Being Made in China

AFP (Oct. 24, 2014) A factory in China is busy making Ebola protective suits for healthcare workers and others fighting the spread of the virus. Duration: 00:38 Video provided by AFP
Powered by NewsLook.com
WHO: Millions of Ebola Vaccine Doses by 2015

WHO: Millions of Ebola Vaccine Doses by 2015

AP (Oct. 24, 2014) The World Health Organization said on Friday that millions of doses of two experimental Ebola vaccines could be ready for use in 2015 and five more experimental vaccines would start being tested in March. (Oct. 24) Video provided by AP
Powered by NewsLook.com
Microsoft Riding High On Strong Surface, Cloud Performance

Microsoft Riding High On Strong Surface, Cloud Performance

Newsy (Oct. 24, 2014) Microsoft's Q3 earnings showed its tablets and cloud services are really hitting their stride. Video provided by Newsy
Powered by NewsLook.com
EU Gets Climate Deal, UK PM Gets Knock

EU Gets Climate Deal, UK PM Gets Knock

Reuters - Business Video Online (Oct. 24, 2014) EU leaders achieve a show of unity by striking a compromise deal on carbon emissions. But David Cameron's bid to push back EU budget contributions gets a slap in the face as the European Commission demands an extra 2bn euros. David Pollard reports. Video provided by Reuters
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:

Breaking News:

Strange & Offbeat Stories


Science & Society

Business & Industry

Education & Learning

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile: iPhone Android Web
Follow: Facebook Twitter Google+
Subscribe: RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins