"The sharp rise was somewhat of a surprise," says Chris McCarty, the bureau's survey director in Gainesville. "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."
All components in the index increased, including perceptions of whether this is a good time to buy big-ticket items, personal finances in recent and future years, and business conditions in the next five years. Floridians' view of the stock market and housing also factor into final number.
However, McCarty admits, one missing piece to the latest consumer index is a new unemployment report released late last week. The Florida Agency for Workforce Innovation, based in Tallahassee, says the state jobless rate reached 11.8% by the end of 2009.
Other factors that may bring down the index in future months include the way potential changes to health care reform are viewed in Florida, mixed yet weak holiday sales and the prospect of higher gas prices, now averaging $2.78 per gallon statewide, according to McCarty. "It remains to be seen how this affects big retailers who employ many Floridians," he says.
The Florida Consumer Attitude Survey is based on responses to 424 state residents at least 18 years old telephoned at random. The index is benchmarked to 1966.
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