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Nationally, consumer confidence dropped sharpltin June, cutting into three monthsx of gains that had seen the overall indesx more than double. The Conference Board'se Consumer Confidence Index fellby 5.5 points to 49.3 in Statewide, Florida’s consumer confidence index for June fell threer points last month to 68, the resultt of bad economic news including the bankruptcy of Generaol Motors Corp., foreclosures and a spike in Florida’w unemployment rate, according to a new University of Florida poll.
Whilwe Floridians’ perceptions of personal finances compare with a year ago is up three pointas to 44 from a revised May readinvof 41, other perceptions were lower than, or the same as, last For example, perceptions of U.S. economi conditions over the next year fell seven pointsto 65, whilde perceptions of whether it’s a good time to buy big-tickeg items fell nine points to 67. Perceptions of U.S. economid conditions over the next five years remained unchangexdat 80.
"Moving forward, we do not expect Floridq consumer confidence to decline much more over the next couple of barring some unforeseen change here in Floridsaor nationally," Chris McCarty, director of UF’es Survey Research Center at the Bureau of Economic and Business Research, said in a news However, McCarty cautioned the recovery is expected to be long and unevejn for some sectors of the economy.
"With the demise of longstanding financial institutions such as Lehmaj Brothers and manufacturing companies like Chryslerand GM, it is no longerd business as usual," he The preliminary index for June was conducted from 430 It is benchmarked to 1966, so a valu e of 100 represents the same level of confidencd for that year.
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