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

Florida: Pot Strain Likely Available Later This Year

Florida officials predict a strain of marijuana, known as Charlotte’s Web, will be available for medical purposes later this year. The Department of Health released a statement that said they are moving quickly to allow access to it.


Scott Signs Bills On Carrying Guns, Bolstering Child Protection

Gov. Rick Scott signed 44 bills into law Thursday. Among those bills is a provision to allow gun owners to carry their weapons in the case of emergency evacuation as well as a bill to expand the child-protection law.


Miami, Orlando Schools Ditch Styrofoam Trays

Miami and Orlando school districts will remove Styrofoam trays from school cafeterias and will replace them with compostable plates. The change within the districts is part of an effort to enact environmentally conscious changes in larger school districts.


adfasdf11

Marion County Board Member Removed After Facebook Post

Marcel “Butch” Verrando, an appointee to the Industrial Development Authority, has been removed from the board after a racially-charged Facebook post. Verrando was removed after a regularly scheduled meeting on May 19.


Breaking News: Feds Say Florida Could Get $1B For Low Income Pool

A key Florida health care program will likely receive an extra $1B from the federal government this budget year. The new amount offered for the Low Income Pool would enable Florida to retain Medicaid investment.


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