Consumer confidence among Floridians slipped in August as residents reported worsening views of their personal finances and long-term economic prospects, according to a University of Florida economic survey released Wednesday.
The Florida Consumer Sentiment Index fell 3.1 points to 80.6, down from a revised 83.7 in July. The decline marked the second-largest monthly drop of the year, behind March’s 5.9-point slide, and tracked closely with a 3.5-point decline in national sentiment.
The steepest drop came in views of personal finances compared with a year ago, which fell 4.6 points to 71.7. Buying conditions for household items such as cars and appliances slid 3.5 points to 75, while expectations of personal finances a year from now dropped 3.3 points to 88. Outlooks for U.S. economic conditions declined more modestly, with the one-year view down 1.4 points to 84.6 and the five-year view falling 2.4 points to 83.7.
“This marks the second-largest monthly decline in sentiment this year, surpassed only by the 5.9-point drop recorded in March. Moreover, the July figure was revised slightly downward from 83.9 to 83.7, now resulting in a monthly decline in sentiment. August’s decline reflects growing pessimism about both current and future personal financial conditions, along with a pullback in spending intentions. Together, these trends suggest that Floridians may be bracing for tougher economic conditions and are likely to be more cautious with their discretionary spending,” said Hector H. Sandoval, director of the Economic Analysis Program at the University of Florida’s Bureau of Economic and Business Research.
Men reported significantly more optimistic views than women across every measure, with gaps exceeding 20 points in some categories. Higher-income households were also more upbeat than those earning under $50,000, particularly on assessments of current finances. Younger Floridians expressed stronger confidence in their future finances, while older respondents were somewhat more positive about the long-term national economy.
The survey comes as inflation pressures persisted in August, with wholesale and consumer prices rising and key measures such as the Consumer Price Index and the Personal Consumption Expenditures index remaining above the Federal Reserve’s 2% target. Job growth slowed nationally, though unemployment rates held steady in Florida and across the country. Nine of Florida’s major industries still posted year-over-year job gains in July.
“Looking ahead, we expect consumer sentiment to remain weak in the coming months as long as current economic trends and policy uncertainty persist,” Sandoval said.
The survey, conducted from July 1 to Aug. 28, polled 606 Floridians by cellphone and online panel. Respondents were weighted by county, age and sex to match the state’s population.
