Skip to Content, Navigation, or Footer.
We inform. You decide.
Thursday, March 28, 2024
NEWS  |  CAMPUS

Shutdown causes Floridians' consumer confidence to fall

Much like the rest of the nation, Florida’s consumer confidence in the economy faltered in October.

In light of a 16-day partial government shutdown and other economic woes, consumer confidence — how people felt about their income and the overall economy — plunged to an index level of 71, down seven points from September and reaching its lowest level in almost two years, according to a UF survey.

The index has not dropped this low since December 2011, following the last debt ceiling showdown in August of that year, said Chris McCarty, survey director of UF’s Survey Research Center.

McCarty said confidence among Floridians was already declining prior to the shutdown and debt ceiling debate.

This pessimism is partly due to higher-than-average unemployment rates for young age groups, he said.

“It’s particularly those folks in their early 20s that are really taking it to the chin,” he said.

Lidisis Machin, a 20-year-old UF finance junior, said the drop in consumer confidence is justified.

“It’s hard to be optimistic about the future when the government is acting so childish,” she said.

The heaviest blow was to people’s perceptions about whether it’s a good time to buy a big-ticket item, like a car or house, declining 11 points to 80, according to the survey.

Consumers were also more pessimistic about individual financial state and expectations for business conditions in the next year.

Despite this growing decline in consumer confidence of the economy, 21-year-old UF entomology and nematology senior C.R. Lewis said he still has high expectations for the country’s government and economic future.

“I think the U.S. economy is going to keep growing, no matter what. We have a strong economic base, and the American people have a lot of ingenuity,” he said. “So I’m very optimistic in that.”

Enjoy what you're reading? Get content from The Alligator delivered to your inbox

A version of this story ran on page 8 on 11/5/2013 under the headline "Shutdown causes consumer confidence to fall"

Support your local paper
Donate Today
The Independent Florida Alligator has been independent of the university since 1971, your donation today could help #SaveStudentNewsrooms. Please consider giving today.

Powered by SNworks Solutions by The State News
All Content © 2024 The Independent Florida Alligator and Campus Communications, Inc.