Florida consumer sentiment edges up as budgets tighten
Floridians grew more optimistic about the economy’s future in October, but weaker views of current finances suggest affordability remains central to customer conversations.
Floridians feel slightly better about the economic outlook, but their assessments of household finances continue to weaken, the University of Florida’s Bureau of Economic and Business Research found.
Florida consumer sentiment rose for the second consecutive month in October, increasing 0.7 points to 69.1 from a revised 68.4 in September, UF found. National sentiment declined slightly.
Three of the Florida index’s five components improved, all measuring expectations about future conditions. The two measuring current conditions declined.
“Floridians’ expectations about future economic conditions improved again in October, particularly their views about the national economy over the next five years. However, this improvement contrasts with their increasingly pessimistic assessments of current conditions,” said Hector H. Sandoval, director of the bureau’s Economic Analysis Program.
Optimism meets household reality
Residents’ views of their finances compared with a year earlier fell for the seventh consecutive month, slipping 0.2 points to 61.8. That component has recorded the largest decline since the beginning of the year.
Opinions about whether it is a good time to buy a major household item, such as furniture or a refrigerator, also weakened, falling 0.4 points to 58.5. The question measures attitudes toward major household purchases, rather than homebuying specifically.
Meanwhile, expectations for personal finances one year ahead edged up 0.2 points to 83.3. Expectations for the national economy over the next year rose 1.1 points to 68, while the five-year outlook increased 2.7 points to 73.8, the largest gain among the components.
The improvement was uneven. Residents earning less than $50,000 annually reported weaker expectations for both their own finances and the national economy over the next year.
The survey reflects responses from 970 Floridians contacted by cellphone Sept. 1-Oct. 29, with results weighted to represent the state’s population.
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