Consumer confidence in Florida surged in April, thanks to flattening housing prices statewide and news the economy has not gotten worse, a University of Florida report released Tuesday states.
UF's Survey Research Center at the Bureau of Economic and Business Research reported a six-point gain in its consumer confidence index to 71 in April.
That compares with an index level of 59 in June, the lowest level in the 25-year history of the index.
The state report joins news from a private research group that states the nation's consumer confidence rose to the highest level since November.
The New York-based Conference Board said Tuesday that its Consumer Confidence Index rose more than 12 points to 39.2, up from a revised 26.9 in March. The reading marks the highest level since November's 44.7 and well surpasses economists' expectations for 29.5.
The consumer confidence survey shows a substantial improvement in consumers' short-term outlook, including even their assessment of the job picture.
In Florida, the jump in consumer sentiment caught some off guard.
"The size of the increase comes as somewhat of a surprise," said Chris McCarty, director of the Survey Research Center.
"However, in balance, consumers seem to have absorbed most of the bad news and are at least not seeing things getting much worse."
The biggest jump in the state report was in perception of whether it is a good time to buy big-ticket items, such as cars and appliances, which jumped 15 points.
If housing prices nationally begin to stabilize, that would help establish the value of some of the toxic assets held by banks and indicate how deeply the recession has hurt the global economy, McCarty said.
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