FLORIDA \u2013 Florida consumer sentiment edged higher in September after six consecutive months of declines, although the modest increase left confidence essentially unchanged from August, according to a University of Florida report released Sept. 29.<\/p>\n
The Florida Consumer Sentiment Index rose 0.3 points to 67.7 from a revised 67.4 in August. National consumer sentiment declined during the same period, the report said.<\/p>\n
The index\u2019s five components moved in opposite directions. Floridians became more optimistic about future economic conditions but less confident about their current financial situations.<\/p>\n
\u201cThe underlying components moved in opposite directions, with Floridians becoming more optimistic about future economic conditions while their assessments of current conditions deteriorated,\u201d Hector H. Sandoval, director of the Economic Analysis Program at UF\u2019s Bureau of Economic and Business Research, said in the report.<\/p>\n
Views of current personal financial situations compared with a year ago fell 1.8 points, from 62.8 to 61. The decline was not shared by every demographic group, with views improving among men and people younger than 60.<\/p>\n
Floridians\u2019 opinions about whether it was a good time to buy a major household item, such as an appliance or furniture, also declined, falling 0.9 points from 59.5 to 58.6. The decrease was shared across all demographic groups included in the survey.<\/p>\n
Expectations for future economic conditions improved:<\/p>\n
Expectations for personal financial situations one year from now increased 2.4 points, from 79.9 to 82.3.<\/p>\n
Expectations for U.S. economic conditions over the next year rose 0.5 points, from 65.4 to 65.9.<\/p>\n
Expectations for U.S. economic conditions over the next five years increased 0.9 points, from 69.6 to 70.5.<\/p>\n
The report said some economic developments during the second half of September may not yet be fully reflected in the latest reading. Those developments included higher borrowing costs, elevated energy prices and a rise in the 10-year Treasury yield.<\/p>\n
Sandoval said those pressures could weigh on household budgets and consumer confidence in the months ahead.<\/p>\n
The survey was conducted Aug. 1 through Sept. 24 and included responses from 733 Floridians reached by cellphone. The responses were weighted by county of residence, age group and sex to represent Florida\u2019s population.<\/p>\n
The index is benchmarked to 1966, when a value of 100 represented that year\u2019s level of consumer confidence. The index can range from 2 to 150.<\/p>\n
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