Florida consumer sentiment declined for the fifth consecutive month in July, reaching its lowest level since December 2023 as households remained concerned about inflation, borrowing costs and the state’s labor market, according to the University of Florida (UF).
UF’s consumer sentiment index fell 2.1 points to 69.3 in July from a revised reading of 71.4 in June. National consumer sentiment increased during the same period.
All five components used to calculate Florida’s index declined. Floridians’ assessments of their personal financial situations compared with a year earlier fell 1.7 points, from 65.2 to 63.5. Views on whether it was a good time to purchase major household items, such as furniture or appliances, dropped 1.8 points to 61.8.
Expectations for future conditions also weakened. The measure tracking anticipated personal finances one year from now posted the largest decline, falling 3.8 points from 83.9 to 80.1. Expectations for the national economy over the next year decreased 1.3 points, while the five-year outlook declined 2.2 points.
Hector Sandoval, director of UF’s Economic Analysis Program, said inflation continues to weigh on consumer confidence despite recent signs of moderation. He said energy price pressures intensified during the first half of the year following conflict in the Middle East, straining household budgets.
Sandoval also pointed to Florida’s unemployment rate, which remains above the national rate despite continued job growth. The Federal Reserve kept interest rates unchanged at its July meeting, leaving borrowing costs elevated, while national economic growth remained modest at 1.5%.
Some demographic groups expressed greater optimism. Men reported more favorable views of current financial conditions, while Floridians age 60 and older and those earning at least $50,000 annually were generally more positive about spending intentions or the longer-term outlook.
UF conducted the survey from June 1 through July 30 using responses from 478 cellphone participants. Results were weighted by county, age and sex to reflect Florida’s population.
