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

National Report, a satirical website, published a story stating Williston had signed a deal to replace the local police department with a privatized force. According to the article, the new police force would be "trained, managed, and wholly operated by Walmart."

Spoof Website Turns Attention to Williston Police Department

National Report, a satirical news website, drew attention to the Williston Police Department after publishing an article about a deal made with Walmart to supply the town with a new, privatized police force. Williston PD pointed out the satirical nature of the story on Facebook.


Screen shot 2014-08-27 at 4.01.08 PM

Former Waldo Police Chief Accused of Unlawful Ticket Quota

Former Waldo Police Chief Mike Szabo and current Cpl. Kenneth Smith have been accused of misrepresentation, fraud and enforcing unlawful ticketing quotas among other allegations made by current Waldo police officers.


Florida Inches Closer to Other States in Tuition Charged Undocumented Students

Florida may soon offer undocumented students in-state tuition at public colleges and universities, joining the ranks of 20 other states with similar tuition equity laws and policies.


Gov. Scott Declares State of Emergency for Heavy Rain Event

Gov. Rick Scott declared a state of emergency for 26 counties, including Alachua County Wednesday morning. The National Weather Service has issued flood or flash flood warnings in several counties throughout North Central Florida.


Government Aid Loophole Raises Questions About Efficiency

A loophole in Florida’s Electronic Benefit Transfer card program allows eligible cardholders to buy restricted items through the cash-back option at many ATMs and stores.


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
Day Sponsorship Payments
Underwriting Payments