Consumer confidence among Floridians hit a near-record low in August, a just released University of Florida survey show. This month’s mark of 62 is only three points higher than the record- low 59 set in June 2008.
If the past history of this index is any guide, we are in, or at least very near a recession, said Chris McCarty, director of the Buraru of Economic and Business Research, who spearheads the survey.
The survey revealed a loss of confidence among women and seniors. Confidence among women dropped eight points to 59 and confidence among those age 60 and over fell nine points to 57.
The loss in confidence among seniors was surprising because confidence among seniors rose five points in July, McCarty said, but the debate in Washington over raising the debt ceiling and other issues may have finally taken their toll.
Despite the significant drop in confidence, state and national economic indicators were not much different from last month when overall confidence rose two points.
McCarty said given the near-record lows in consumer confidence, it is not expected that it could decline much further. He added that the economic circumstances are not anything like they were in 2008.
