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Consumer confidence is continuing to crumble in Florida, according to a University of Florida survey.
Consumer sentiment fell in the Sunshine State for the fourth month in a row in June. The consumer sentiment index fell 1.8 points from May, dropping from 72.9 to 71.1 in June.
“Consumer sentiment among Floridians has fallen by 8 points over the past four months, reaching its lowest level in two years, since May 2024,” said Hector H. Sandoval, Director of the Economic Analysis Program at the UF Bureau of Economic and Business Research.
“This widespread pessimism coincides with the reemergence of inflation, which continues to strain household budgets. Because prices spiked in everyday categories such as gasoline, consumers are feeling a constant pinch that contributes to a more pessimistic outlook.”
Consumers are also less optimistic when comparing their current finances to a year ago, with that metric dropping 2.1 points month to month, from 66.9 in May to 64.8 in June. Floridians’ future economic outlook over the next year also weakened, dropping from 85.2 in May to 83.9 in June.
Florida did feel a bit more confident in making big-ticket household purchases, such as furniture or appliances. That sentiment showed a slight bump, going from 62.4 in May to 63 in June.
Sandoval said the economic impact from the war with Iran is providing nagging concerns among consumers in the state.
“Although gasoline prices have eased from their spring peak as tensions in the Middle East have moderated, some uncertainty surrounding the conflict remains. Nonetheless, recent declines in fuel prices are welcome news for Floridians, particularly as peak summer travel approaches,” Sandoval said.
Florida’s unemployment situation has remained weaker than the national picture. The state’s unemployment rate was 4.8% in May, according to FloridaCommerce, the state’s economic development bureau. While that held steady from April, it’s still notably higher than the national figure of 4.3%.
“While the national labor market has remained resilient, Florida’s labor market has softened, with the state’s unemployment rate remaining above the national average. This weaker labor market means Florida households remain more sensitive to inflation and broader economic uncertainty,” Sandoval said.
He added that if the Middle East picture keeps trending toward progress, economic strains could lessen in Florida and other areas of the country.
UF researchers conducted the consumer sentiment survey between May 1 and June 22 and contacted 394 Floridians across the state by cellphone.
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