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Consumer Confidence Loses Ground

GAINESVILLE, FL-After a noticeable April gain, the UF index gives some back in May.

By Carl Cronan | Updated on May 26, 2009

GAINESVILLE, FL-Consumer confidence throughout the Sunshine State dropped by a single point in May after gaining seven points the previous month, the latest University of Florida index shows. The new result reflects pessimism about personal finances despite an improving national economic outlook.

Components of the index are a mixed bag in the latest month, which measures 71 overall. Perceptions of personal finances over the past year fell four points to 40, while expectations of those finances in the coming year rose five points to 90, the highest level since October 2007.

“Floridians are saying they don’t have the money now to buy, but they expect to within a year,” observes Chris McCarty, director of the UF Survey Research Center at the Bureau of Economic and Business Research. “While they expect the US economy to improve over the next year, they are beginning to question its long-term viability.”

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