{"id":4697,"date":"2021-02-02T15:07:05","date_gmt":"2021-02-02T21:07:05","guid":{"rendered":"https:\/\/nwfl4sale.com\/floridians-jan-confidence-largely-unchanged-but-up\/"},"modified":"2021-02-02T15:07:05","modified_gmt":"2021-02-02T21:07:05","slug":"floridians-jan-confidence-largely-unchanged-but-up","status":"publish","type":"post","link":"https:\/\/nwfl4sale.com\/floridians-jan-confidence-largely-unchanged-but-up\/","title":{"rendered":"Floridians\u2019 Jan. Confidence Largely Unchanged \u2013 but Up"},"content":{"rendered":"
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The biggest optimism spike focused on current financial situations, which rose 4.7 index points, from 68.3 to 73.0. Overall, 3 components went up and 2 went down.<\/span><\/span><\/p>\n<\/div>\n GAINESVILLE, Fla. \u2013 Consumer sentiment among Floridians inched up four-tenths of a point in January to 82.6 \u2013 an increase from December\u2019s revised figure of 82.2.<\/span><\/span><\/p>\n Among the five components that make up the index, three increased and two decreased.<\/span><\/span><\/p>\n Floridians\u2019 opinions about current economic conditions were mixed. On the one hand, perceptions of personal financial situations now compared with a year ago increased 4.7 points from 68.3 to 73, the greatest increase of any reading for January. Notably, this optimism was shared by Floridians across different sociodemographic groups.<\/span><\/span><\/p>\n On the other hand, is it a good time to buy a big-ticket item? Opinions dropped 3.1 points from 78.5 to 75.4. Residents largely agreed across the board, though people aged 60 and over reported stronger pessimistic views.<\/span><\/span><\/p>\n \u201cConsumer spending is the primary driving force behind the U.S. economy, so declines are a worrisome sign for the economy,\u201d says Hector H. Sandoval, director of the Economic Analysis Program at the University of Florida\u2019s (UF) Bureau of Economic and Business Research.<\/span><\/span><\/p>\n \u201cIn the second quarter of 2020, this component experienced the steepest decline among all five components of the index; and in April, it reached its lowest level on record as a result of the economic crisis brought by COVID-19. It has since regained over half the points it lost,\u201d Sandoval adds.<\/span><\/span><\/p>\n Future expectations<\/strong>: Outlooks about expected economic conditions were also mixed. Expectations of personal finances a year from now increased slightly, one-tenth of a point from 95.2 to 95.3, while anticipations of U.S. economic conditions over the next year decreased three-tenths of a point from 81.7 to 81.4.<\/span><\/span><\/p>\n Expectations of U.S. economic conditions over the next five years increased four-tenths of a point from 87.4 to 87.8. Sandoval says the only notable break from the pattern occurred in people with an annual income above $50,000, who consistently reported less favorable views across all three components.<\/span><\/span><\/p>\n \u201cDespite January\u2019s slightly positive change in consumer confidence, driven mainly by Floridians\u2019 responses about their personal financial situation now compared with a year ago, outlooks about future economic conditions remained largely unchanged, thus anticipating a slow recovery ahead in 2021,\u201d Sandoval says.<\/span><\/span><\/p>\n An important share of Florida\u2019s labor force is still out of work, with a state unemployment rate of 6.1%. in December, up 3.1% from a year earlier. In addition, new applications for jobless benefits went up in January, reaching their highest level since August and signaling further stress in the labor market.<\/span><\/span><\/p>\n