Consumer confidence among Floridians mirrored the rest of the nation, falling by two points in February, reflecting poor jobless rates, the University of Florida reported. The index fell to 72 in February from a revised January reading of 74.
“While national unemployment edged downward in January to 9.7, Florida’s unemployment increased to 11.8. This month Floridians may be coming to terms with the possibility that Florida’s economy will not recover at the same pace as other states,” said Chris McCarty, the Survey Director of UF.
McCarthy said it is very likely that the jobless rate in Florida will top 12 percent and it would be difficult to imagine consumer confidence making any significant gains with rising unemployment. “If unemployment continues to remain above 10 percent through 2010, as is expected, consumer confidence and consumer spending are likely to remain anemic,” he said.
Nationwide, consumer confident dropped sharply by 11 points, the Conference Board said yesterday. The Present Situation Index and the Expectations Index decreased by close to 6 and 14 points, respectively, from January to February, the Board revealed.
