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Consumer sentiment dropped for the second month in a row, though attitudes about personal situations rose \u2013 both current outlooks and expectations for next year.<\/span><\/span><\/p>\n<\/div>\n GAINESVILLE, Fla. \u2013 Floridians\u2019 economic attitudes dropped again in September, the second month in a row for declines.<\/span><\/span><\/p>\n The monthly index released by the University of Florida\u2019s (UF) Bureau of Economic and Business Research hit 76.1 in September, down 2.4 points from a revised figure of 78.5 in August to hit its lowest level in almost 8 years (October 2013, at 69.9 points).<\/span><\/span><\/p>\n \u201cThe decline in consumer confidence was largely fueled by growing pessimism in Floridians\u2019 expectations about national economic conditions in the short- and long-run,\u201d says Hector H. Sandoval, director of the Economic Analysis Program at UF\u2019s Bureau of Economic and Business Research. \u201cIn the last two months, these two components have accumulated substantial losses indicating that Floridians foresee a slower than anticipated economic recovery.\u201d<\/span><\/span><\/p>\n Among the five components that make up the index, two increased and three decreased.<\/span><\/span><\/p>\n Current conditions:<\/strong> 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 1.1 points from 71.6 to 72.7. On the other hand, opinions as to whether now is a good time to buy a major household item like an appliance dropped 2.3 points from 72.9 to 70.6.<\/span><\/span><\/p>\n Although these two components moved in opposite directions, opinions were split across demographic groups.<\/span><\/span><\/p>\n Future expectations:<\/strong> Floridians\u2019 opinions about future economic conditions were also mixed in September. Expectations of personal finances a year from now increased slightly, rising from 90.8 to 91.1.<\/span><\/span><\/p>\n Expectations about U.S. economic conditions over the next year, however, dropped 5 points, from 78.6 to 73.6, while the outlook of U.S. economic conditions over the next five years tumbled 5.7 points from 78.5 to 72.8 \u2013 the largest decrease of any reading this month.<\/span><\/span><\/p>\n \u201cNotably, while responses to the different components of the index were split by socio-demographic groups, men consistently reported less favorable views across all five questions of the index,\u201d Sandoval says.<\/span><\/span><\/p>\n \u201cThe drop in consumer confidence is consistent with the current economic outlook,\u201d says Sandoval. He says the economic recovery slowed after supply-chain bottlenecks started to drive up prices. In addition, the \u201cdelta variant dented consumer demand for some services and stalled the long-anticipated increase in business travel,\u201d which he calls one of the largest sources of revenue for the hotel industry.\u201d<\/span><\/span><\/p>\n He says the consumer confidence decline doesn\u2019t forecast an economic downturn. However, \u201cthe loss of confidence could prolong the recovery of the jobs lost during the pandemic. Nonetheless, as the snowbird season approaches and COVID-19 travel restrictions are lifted, we anticipate a boost to Florida\u2019s economy and consumer confidence in the coming months.\u201d<\/span><\/span><\/p>\n\n