WUFT News

Floridians’ consumer confidence drops

By on November 27th, 2012

A University of Florida study found that Florida’s consumer confidence is down this month — people are less inclined to spend money.

November confidence rates in have dropped four points to 76, according to the UF Bureau of Economic and Business Research.

Chris McCarty, the bureau’s director, is not surprised by this drop.

He said he thinks consumer confidence rates have been inflated over the last few months because of the election. Political affiliation also determines rates.

“The Democrats are more confident in November than October,” McCarty said. “The Republicans are less confidant.”

With elections over, the media has turned to the impending “fiscal cliff,” a combination of tax increases and spending cuts due to automatically occur on Jan. 1 if no debt reduction agreement is reached.

Consumer confidence is partly based on people’s current personal finances and their expectations for their future financial situations, McCarty said. People benefiting from the Bush tax cuts, which are likely to expire, might not be confident about their financial futures.

U.S. economic conditions throughout the next year and the next five years also factor into consumer confidence rates, he said.

Consumers may also be concerned that Congress won’t make sufficient adjustments to the Alternative Minimum Tax (AMT), McCarty said. The 1982 tax is affecting more and more people as inflation increases, and could potentially raise tax rates for 30 million Americans.

While consumer confidence for Floridians was lower overall, it remains the same for big-ticket items like refrigerators and washing machines.

Katherine Hahn edited this story online. 


This entry was posted in Florida, National, Politics and tagged , , , , , . Bookmark the permalink.
 

More Stories in Florida

Scott Richardson, 52, co-owner of Northwest Seafood Inc., fillets fresh-caught red grouper purchased from one of Northwest Seafood’s trusted fisherman in Yankeetown, Florida. “It pays to know your fish man,” said Lee Deaderick, Richardson’s business partner.

Florida Fishermen Face Fierce Competition

Florida fisherman are concerned with the growing taste for imported fish. As imports from other countries increase, questions of ethics and safety are floating to the surface.


BearHunt1

Protestors Voice Concern Over Proposed Bear Hunt

Protesters voiced their opposition to the proposed bear hunt on Monday outside of the Ocala office for the Florida Fish and Wildlife Commission. The FWC is expected to vote on the issue Wednesday.


John King, recreational fisherman from Dunnellon, Fla., shows off a red snapper caught during the 2013 season. King said recreational fishermen should have longer than 10 days to catch and keep red snapper this year.

Amendment 40 Splits Red Snapper Season, Extending For Charters

Red snapper season was divided on June 1 into two recreational sectors: federal for-hire charter captains and private recreational fishermen. The season for recreational fisherman will be limited to 10 consecutive days, ending at 12:01 a.m. on June 11.


House, Senate Still Stuck in Health Debate

Florida legislators began a special session Monday to pass a budget for the year beginning July 1. But the House and Senate are still in a stalemate over whether to adopt a Senate proposal use Medicaid expansion money from the Affordable Care Act to help lower-income Floridians purchase private health insurance.


Court Limits Damages In UCF Player’s Death

The Supreme Court ruled Thursday the parents of University of Central Florida football player, Ereck Plancher, are limited to collecting $200,000 in a lawsuit they filed against UCF Athletics Association, Inc. Plancher collapsed and died in March 2008 after off-season football drills supervised by football coach George O’Leary.


Thank you for your support

WUFT depends on the support of our community — people like you — to help us continue to provide quality programming to North Central Florida.
Become a Sustainer
I want to support FM 89.1/NPR
I want to support Florida's 5/PBS
Donate a Vehicle
Underwriting Payments