Florida consumer sentiment declined for the sixth consecutive month in August as residents grew more cautious about the national economic outlook and major household purchases, according to a new University of Florida (UF) survey.
The University of Florida’s consumer sentiment index fell 1.9 points in August to 67.4, down from a revised July reading of 69.3. All five components that make up the index declined for the second consecutive month, an occurrence UF researchers described as relatively uncommon.
Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research, said the decline was driven primarily by expectations for the national economy, particularly over the next year.
“This growing pessimism is consistent with an economic environment that remains challenging for consumers. Although inflation and gasoline prices have moderated recently, both remain elevated. At the same time, labor market conditions have softened over the past year, although recent developments in Florida’s labor market point to some stabilization. Combined with continued geopolitical uncertainty and recent trade policy changes, these conditions help explain why consumer sentiment has remained on a downward trajectory,” he said.
Floridians’ expectations for U.S. economic conditions over the next 12 months fell 3.1 points, from 68.5 to 65.4, marking the largest decline among the index’s five components. UF said the measure has fallen nearly 17 points over the past six months and reached its lowest level since November 2023.
Expectations for U.S. economic conditions over the next five years also declined, falling 2.6 points from 72.2 to 69.6.
Assessments of current personal finances weakened as well. Floridians’ views of their financial situations compared with a year earlier fell one point to 62.8, while expectations for personal finances a year from now declined slightly from 80.2 to 79.9.
Consumers also became less willing to make major purchases. Opinions on whether now is a good time to buy a major household item, such as furniture or an appliance, dropped 2.5 points from 62 to 59.5.
Despite the overall decline, some demographic groups reported improved views in certain categories, including Floridians earning less than $50,000 annually.
The survey was conducted from July 1 through Aug. 27 and included responses from 358 Florida residents reached by cellphone. Responses were weighted by county, age and sex to reflect the state’s population.
