Drew Dixon
Floridians are becoming more optimistic about the current economic situation, according to the latest statewide survey by the University of Florida (UF).
Consumer sentiment in Florida went up for the second straight month in June. The UF Bureau of Economic and Business Research found in its June survey that consumer confidence increased 3.1 points, rising from 81 in May to 84.1. It’s reflective of the national consumer sentiment, which increased by 8.5 points.
“This marks the second straight month in which all five components of the index increased. While both current conditions and future expectations improved in June, the gain in sentiment is being driven more by Floridians’ assessments of their personal finances,” said Hector H. Sandoval, Director of the Economic Analysis Program at UF.
“In fact, views of personal finances compared with a year ago have steadily improved since the presidential election in November.”
Floridians’ views of their personal financial situations compared to a year ago increased by 5.6 points, from 72 in May to 77.6 in June. Sunshine State residents are also bullish on buying big-ticket household items such as appliances and furniture, as that sentiment factor rose by 3.7 points to 77.6 in June.
Optimism about future economic conditions is also on the rise, as the outlook for finances a year from now jumped 2 points to 92.7. Florida consumers are also feeling confident about the national economic conditions over the next year, with that metric improving by 2.9 points to 83.7.
Sandoval said there still is some hesitancy among consumers.
“In contrast, expectations about future economic conditions remain below January’s highs, suggesting that Floridians remain cautious as ongoing uncertainty, especially around trade policy, continues to cloud the outlook,” Sandoval said.
President Donald Trump’s continued banter about possibly instituting new trade tariffs continues to cast a shadow over some of the economic optimism.
“New tariff threats continue to surface, including a recent announcement about ending trade talks with Canada. While the back-and-forth nature of trade policy may be making consumers somewhat less sensitive to each announcement, the continued uncertainty could still weigh on confidence,” Sandoval said.
The UF Consumer Sentiment Survey was conducted between May 1 and June 26 as researchers tapped 480 Floridians for their feedback through online and cellphone questionnaires.
