UF: Overall Consumer Confidence Up Despite Wall Street
Follow CBSMIAMI.COM: Facebook | Twitter
MIAMI (CBSMiami/NSF) - Overall consumer confidence across Florida grew slightly from July to August, but those numbers may not reflect the recent crash in Wall Street, according to a report released by the University of Florida on Monday.
The university's Survey Research Center in the Bureau of Economic and Business Research placed consumer sentiment at 91.2, up from 90.5 in July, on a consumer-confidence scale that ranges from 2 to 150. The latest number reflects perceptions by consumers that the U.S. economy will be better in the next year and the next five years, with the monthly figure balanced by an expectation by most consumers that their personal incomes will decline over the next year.
"Prior to the crash that began about a week ago Floridians were particularly optimistic about the future direction of the U.S. economy," said Chris McCarty, director of the research center, said in a prepared statement. "There were exceptional gains among households with an annual income over $50,000 for both the short- and long-term outlook of the U.S. economy.
Much of that optimism was likely erased this week when the panic in the Chinese stock market spilled over into U.S. equities. Even as the market recovers, losses of this magnitude will raise questions among consumers, many who are invested in stocks through retirement accounts."
(The News Service of Florida contributed to this report.)
