Florida’s Consumer Confidence Down on Obama’s Victory
Around the State
Consumer confidence is down 4 points in November, with the national election results and the current economic crisis before Congress credited for the latest numbers.
The state received a consumer confidence mark of 76 on a scale of 100 for November, with most of the gauges dropped that guide the monthly number -- the long-range perceptions of personal finances and U.S. economic conditions, according to a University of Florida report.
The purple state’s monthly consumer confidence level, which had reached a five-year high prior to November, was expected to go down with the election results, according to the University of Florida report.
“No matter who won, half of the state was not going to be happy with the outcome,” stated Chris McCarty, the survey director.
“Given that most of the election revolved around economic issues, many which will have immediate effects on Floridians, it was almost certain that confidence would decline.”
The only (somewhat) bright spot was that heading into the holiday shopping season, the outlook now is that this is a good time to buy a big-ticket item, he said.
Heading into the election, UF’s Bureau of Economic and Business Research indicated that supporters of President Obama were more optimistic about the future, but any future optimism would be tempered with the looming reality of the nation hitting the fiscal cliff.
But while the confidence of Democrats grew by 4 points upon Obama’s victory, the outlook from Republicans plunged 12 points, with their expectation about where their personal finances were headed crashing 23 points.
“The other reason for the decline is the sudden burst of media coverage regarding the fiscal cliff,” McCarty wrote.
“While some media outlets have been covering this since the beginning of the year, the set of tax increases and spending cuts due in January were not mentioned much by either party during the campaign. Now, with the election over, Floridians are hearing daily about the potential consequences. This is likely to continue into December.”
Reach Jim Turner at email@example.com or at (772) 215-9889.