85ºF

Consumer confidence in Florida drops sharply

UF releases monthly index

(AP Photo/Elise Amendola, File)
(AP Photo/Elise Amendola, File)

ORLANDO, Fla. – Consumer confidence among Floridians dropped sharply last month.

The Florida Consumer Sentiment Index dropped 6.7 points to 93.3 in August, the biggest drop in more than four years.

The monthly index was released last week by the University of Florida.

The components making up the index -- current personal financial situation and expectations of future economic conditions -- all declined.

The decline in respondents' personal financial situation was particularly acute in people over age 60, women and those making under $50,000 a year.

The index is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest possible score is 2 and the highest is 150.

The survey was based on the responses of 403 individuals who were reached on cellphone.