GAINESVILLE, Fla. — The latest survey on Floridians' attitudes toward the economy is reporting improvements for the fifth month in a row.
February marked the first five-month streak of increasing Consumer Sentiment Index (CSI) scores since before the COVID-19 pandemic in 2019, according to the University of Florida Bureau of Economic and Business Research (BEBR). The CSI went up 1.5 points from January, bringing the current score to 74.1.
When consumer sentiment last went up for five months in a row, researchers say the index "stood strong" at more than 100 points, "inflation was under control [and] interest rates were less than half of today's rates." The report notes the state unemployment rate is currently slightly lower than it was in 2019.
The survey measures the way consumers in Florida feel about the economy in five components. The data shows four of them increased, while one decreased.
The only outlook that showed lower expectations was how Floridians feel the economy will do over the next year. When compared to other demographics surveyed, the report shows people over the age of 60 with an annual income under $50,000 were more optimistic about the state of the economy over the next year.
Expectations toward personal finances a year from now increased. Floridians were also asked about how they think economic conditions will change further down the line.
"...Floridians’ expectations about the country’s economy over the next five years have improved the most," said Hector H. Sandoval, director of the Economic Analysis Program at UF’s BEBR, in part. "In fact, this component has increased for seven consecutive months, signaling a growing sense of optimism among Floridians regarding the long-term economic outlook."
Looking at how people in Florida feel about the current state of the economy, attitudes improved for both components.
The report shows higher scores for how Floridians think their current finances are doing compared to this time last year. More Floridians also reportedly feel now is a good time to buy a major household item, like an appliance or big piece of furniture.
Consumer Sentiment Index is used to forecast things like spending habits. The UF report predicts Floridians may feel comfortable spending more money as their attitudes toward the economy improve, which would also help businesses grow and allow people to make bigger and longer-term investments.
When looking at how Americans across the country feel about the economy, Floridians score slightly below the national Consumer Sentiment Index of 79.0 measured in January.
Economists from the University of Michigan measure CSI on a national scale. Though the report for February 2024 has not been published at this point, the score for January was the highest it's been since July 2021. Consumer sentiment was split when it came to the future of the economy, according to researchers.
