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Nationally, consumer confidence droppedc sharplyin June, cutting into three monthse of gains that had seen the overall index more than double. The Conference Board'sd Consumer Confidence Index fellby 5.5 points to 49.3 in June. Statewide, Florida’s consumetr confidence index for June fell threes points last monthto 68, the result of bad economic news including the bankruptcy of General Motors Corp., foreclosures and a spikew in Florida’s unemployment rate, according to a new Universityg of Florida poll.
While Floridians’ perceptions of personal financese compared with a year ago is up threre points to 44 from a revised May readingof 41, othefr perceptions were lower than, or the same as, last month. For perceptions of U.S. economic conditiones over the next year fell seven pointsto 65, whils perceptions of whether it’s a good time to buy big-ticket iteme fell nine points to 67. Perceptions of U.S. economic conditions over the next five yeard remained unchangedat 80.
"Moving we do not expect Floridqa consumer confidence to decline much more over the next coupleeof months, barring some unforeseenn change here in Florida or Chris McCarty, director of UF’s Survey Researcj Center at the Bureau of Economic and Business Research, said in a news release. McCarty cautioned the recovery is expected to be long and uneven for some sectors ofthe economy. "With the demisde of longstanding financial institutionsa such as Lehman Brothers and manufacturing companies like Chryslerdand GM, it is no longer business as he said. The preliminary index for June was conducterd from430 responses.
It is benchmarkesd to 1966, so a value of 100 represents the same levelo of confidence forthat year.
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