Consumer confidence in Florida jumps
Florida’s consumer confidence unexpectedly rose in January five points to 74, the highest point in more than two years, according to a University of Florida survey.
“The sharp rise was somewhat of a surprise,” said Chris McCarty, survey director of UF’s Bureau of Economic and Business Research. “In the past we have seen similar jumps in the January index, perhaps in response to the financial stress associated with the holidays and the economic turbulence of the past year.”
The index measures consumers' view of finances and the economy. The largest increase in January is in the perception of whether this is a good time to buy big-ticket consumer items. That portion rose eight points to 83. Perceptions of people's personal finances also increased strongly.
The preliminary index reading was the highest since December 2007. McCarty said he expects the figure to be revised downward when a full month’s worth of data is included.
Last year, the index ranged from a low of 62 in February to a high of 72, in both September and October.
However, McCarty said he expects the January figure to fall in the coming months, as consumers absorb more bad news about high unemployment.
Consumer confidence is closely watched as an indicator of the direction of consumer spending, which accounts for about 70 percent of all economic activity.
-Harriet Johnson Brackey
Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.
Comments
Did the movie the tooth fairy come out yet?
I find your data hard to believe...did you only poll boca and palm beach?
Families Struggle to Afford Food, Survey Finds
http://www.nytimes.com/2010/01/26/us/26food.html?hpw
Posted by: mind control | January 26, 2010 2:19 PM
Are you sure that this is correct?
I dont know anyone who is confident in this economy.
Posted by: Justlittleoldme | January 26, 2010 2:20 PM
This is correct. It's UF polling statewide over the three weeks following the holidays. But read it all. These numbers tend to jump up and tend to be revised downward later.
Posted by: Harriet Johnson Brackey | January 26, 2010 3:19 PM
They must have polled only the Haitian immigrants.
Posted by: joe blowe | January 26, 2010 3:41 PM
Can I have a glass of what ever it is that you are drinking, please?
Posted by: Repukekkkans_are_the_enemy | January 26, 2010 5:25 PM
I had an optimistic friend that used to rock climb...until he didn't...
When the revised numbers come out can you post?
Posted by: fred | January 26, 2010 5:26 PM
Whats the difference between your poll and this one? Is Florida getting a great deal of stimulus?
ABC Consumer Confidence Misses Estimates, Stays Near Record Lows
http://tinyurl.com/ykogt7x
Posted by: curly | January 26, 2010 8:13 PM
I think that the 1st quarter is going to be really hard on businesses because a lot of them depend on the Holiday season and this year it will be really tough for so many businesses.
Posted by: help in tax | January 27, 2010 7:07 AM
UF surveys Florida consumers and comes up with a Florida consumer confidence index. That was what I was reporting on.
Posted by: Harriet Johnson Brackey | January 27, 2010 2:40 PM
Dumb article. All the rich or retired snow birds that just had their retirement accounts jump 32% since March 09 arrived for their annual sun and tanning.
THe sun and the markets make green stuff grow bigger and more confident.
Posted by: brian | January 27, 2010 10:42 PM
True confidence is a function of sound government...not cronyism:
Geithner’s faulty apologia
But AIG had already been downgraded, that’s why the government stepped in with a bailout. At that point the firm’s liabilities were taxpayer backed, so it strains credulity to say that extinguishing certain CDS it had written would cause systemic fallout in and of itself. Essentially what was happening here was unused insurance contracts were being extinguished. (Imagine a pro-rata refund from your insurer for a homeowner’s policy it wants to cancel…)
And there was precedent for this kind of negotiation. Eric Dinallo, former Commissioner of the NYS Dept. of Insurance and current candidate for Eliot Spitzer’s old job, had previously negotiated haircuts on CDS written by the monoline bond insurers. They were never forced into a taxpayer bailout. Did anyone at the Fed pick up the phone to consult Dinallo? Why not?
At the hearing, Geithner said he took “great pride” in his judgment to pay out 100¢ on the dollar to AIG counterparties because, he claims, it saved us from economic catastrophe.
http://blogs.reuters.com/rolfe-winkler/2010/01/28/geithners-faulty-apologia/
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