Florida consumer sentiment edges up slightly in September

Floridians grew slightly more hopeful about their financial future in September but remained cautious about spending, with higher borrowing costs and pressure on household budgets clouding the outlook.

Florida’s consumer sentiment index rose 0.3 points to 67.7 from a revised 67.4 in August, ending six consecutive months of declines, according to the University of Florida’s Bureau of Economic and Business Research report. The small gain left confidence essentially unchanged, researchers said.

The findings offer context for real estate professionals working with customers who may feel optimistic about their longer-term finances while remaining concerned about what they can afford today. The survey measures broader financial attitudes, including views on buying appliances and furniture, rather than homebuying intentions.

Hector H. Sandoval, director of the bureau’s Economic Analysis Program, said improving expectations offset weaker assessments of current conditions. Floridians’ views of their finances compared with a year earlier have deteriorated for six consecutive months.

Although Florida’s unemployment rate has declined since May, elevated inflation, rising energy prices and high borrowing costs continue to strain household budgets, he said.

Two of the index’s five components declined in September:

• Views of personal finances compared with a year ago fell 1.8 points to 61.
• Opinions about whether it is a good time to buy major household items dropped 0.9 points to 58.6.

The decline in attitudes toward major purchases extended across all demographic groups tracked in the report.

Expectations improved overall. The outlook for personal finances a year from now rose 2.4 points to 82.3, the largest movement among the five components. Expectations for the national economy increased 0.5 points to 65.9 for the next year and 0.9 points to 70.5 for the next five years.

Those gains were uneven. Women and adults younger than 60 became less optimistic about their finances a year ahead.

Sandoval cautioned that developments later in September may not be fully reflected in the results. He pointed to the Federal Reserve’s rate increase, mortgage rates moving above 7% and higher energy costs.

“These developments could place additional pressure on household budgets and consumer confidence,” he said.

Higher diesel and transportation costs could also feed into other prices, making it harder for inflation to ease and keeping borrowing costs elevated, Sandoval said.

The survey included 733 adults reached by cellphone from Aug. 1 through Sept. 24. Results were weighted by county, age group and sex to reflect Florida’s population.

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