October Consumer Confidence Declines in Florida

Consumer sentiment among Floridians fell 1.5 points in October to 94.3 from a revised September reading of 95.8.

That's according to the latest University of Florida consumer survey. 

October is the third consecutive month with a decline in consumer sentiment.

Among the five components that make up the index, only one increased. That was for expectations of personal finances a year from now. 

The other four components, including perceptions of personal financial situations and whether now is a good time to buy a major household item, declined.

University of Florida economists say most of the pessimism in October comes from unfavorable expectations regarding U.S. economic conditions in the short and long run, especially from people with incomes greater than $50,000 and those 60 and older.

Economists also note that expectations about future economic conditions have shown important signs of deterioration for the past three consecutive months. 

They were quick to add that the survey was not a harbinger of economic doom, noting that even with three months of declines consumer confidence in Florida is higher compared to the same month a year ago.

Consumer confidence in Florida was shaky in October 2016 because of uncertainties ahead of last year's election.

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