UF survey: Consumer sentiment improves in June, but economic skepticism remains stubborn

Consumer Sentiment improved in Florida for June.

Floridians appeared to be more optimistic about the economy in June, according to the newest monthly University of Florida (UF) Consumer Sentiment survey.

In May, the survey showed consumer sentiment was mixed. But last month, economic perspectives in the Sunshine State improved.

The state consumer sentiment increased to 73.2, up from the May revised figure of 72. It bucks the national trend, which has seen declining economic confidence for three straight months.

“Currently, (Florida) consumer sentiment is 4.3 points higher than a year ago and 12.2 points higher than two years ago, when confidence remained near some of the lowest levels on record,” said Hector H. Sandoval, Director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.

“This muted improvement is due to higher-than-expected inflation observed this year and the Fed’s decision to maintain interest rates at historically high levels.”

The general perception by Floridians is that their personal financial situations have worsened over the past year, with that figure decreasing from 59.8 in June 2023 to 58.8 last month.

There’s still some stubborn skepticism among Florida consumers in other areas as well. The survey showed Floridians were hesitant to buy large-ticket items, such as home appliances. That consumer sentiment figure dropped from 62 a year ago to 61.8 in June.

But Floridians are fairly optimistic about their financial outlook, with many saying their financial situation will improve over in 2025. That figure jumped from 85.3 a year ago to 87.9 last month.

Sandoval said the current political uncertainty with a Presidential Election on the line in November will likely contribute to more mixed economic perceptions in Florida.

“Looking ahead, as the U.S. presidential campaigns intensify, fluctuations in consumer sentiment are common, influenced by economic forecasts and speculation about each candidate’s potential policies. However, as long as the Fed maintains its current stance on interest rates, we do not expect significant changes in consumer confidence in the months ahead,” Sandoval said.

The UF Consumer Sentiment survey was conducted from June 1 through June 27 with 551 Floridians interviewed via email, phone or online questioning.