UF survey: Consumer confidence increases in April, attributable to ‘robust labor market’ and positive economic growth

UF researchers say survey shows Sunshine State consumers are warming to economy. Stock image via Adobe.

Florida’s are getting more optimistic about the economy following a brief and nominal downturn in March

Consumer confidence in April increased 1.3 points to 73.3, a jump from the March figure of 72, according to the University of Florida (UF) Bureau of Economic and Business Research.

UF researchers released the monthly consumer sentiment report Tuesday showing a rebound in optimism among consumers in the Sunshine State. The March decrease was the only drop in consumer sentiment in the past six months.

“The rise in consumer sentiment is attributed to Floridians’ positive views regarding the nation’s economic outlook,” said Hector Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research. “In particular, expectations about the U.S. economy over the next five years reached levels not seen since July 2021.”

Floridians generally believe economic conditions improved in April. Personal finances were seen to be improving, too, with that figure climbing to 61.2, up 1.4 points over the March.

Floridians are also more confident when it comes to buying big ticket items, such as appliances or vehicles. Sentiment there increased from 62.9 in March to 63.9 in April. Consumer confidence in Florida in April also outpaced national sentiment, which dropped 2.2 points.

Sandoval said the general upbeat outlook among Florida consumers represents a trend for 2024 thus far.

“Following a robust labor market and rising consumer confidence levels, economic growth remained positive in the first quarter of the year, driven by increases in spending, with an annual rate of 1.6%,” Sandoval said.

Inflation continues to be a drag to at least some degree among consumers, as prices continue to climb. That causes a degree of caution among many consumers, Sandoval said.

The UF consumer sentiment survey was conducted April 1-25 among 543 Florida residents. A little more than half of those took part in surveys online while the remaining were contacted on cell phones.