Floridians turned sharply more pessimistic in August, driving consumer confidence down to the lowest point of the year, according to a survey released Friday.
The University of Florida’s monthly index found consumer sentiment dropping 4.8 points to 88.2, with all five components that make up the index turning south.
“Most of the pessimism in August stems from the perceptions of personal finance situation now compared with a year ago and the expectations of personal finance situation one year from now, as these two components account for more than three-quarters of the change in the index,” said Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.
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