Consumer confidence inches up as worst of oil spill crisis ends

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Consumer confidence inches up as worst of oil spill crisis ends


GAINESVILLE, Fla. – Sept. 29, 2010 – The sealing of the BP oil well in the Gulf of Mexico put a stop to the hemorrhaging of Florida’s consumer confidence, which rose two points to 68 in September, its highest level since May according to a new University of Florida survey.
“With the Gulf oil spill largely behind us, consumer confidence has begun to recover to pre-spill levels,” said Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research. “This is by no means a return to a state of optimism. Overall confidence is four points lower than it was at this time last year.”
Although this month’s consumer confidence is 10 points below the April reading of 78, all five of the index components posted gains. Rising four points were expectations of U.S. economic conditions over the next year, to 62, and expectations of U.S. economic conditions over the next five years, to 73. Rising one point were perceptions of personal finances now compared with a year ago, to 52, and expectations of personal finances a year from now, to 79. Perceptions of whether it is a good time to buy big-ticket items increased two points to 76.
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