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Florida Consumers In A Funk

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By MICHAEL SASSO of The Tampa Tribune

Published: January 29, 2008

TAMPA A new survey puts Florida consumer confidence at its lowest level since the early1990s.

On Tuesday, the University of Florida's Bureau of Economic and Business Research released its monthly statewide consumer confidence index for January, based on surveys of 533 Floridians. The index fell four points in January to a level of 70. The last time the index fell as low as 70 was in December 1991.

Based on the new readings, Chris McCarty, director of the survey, said Tuesday, "Florida is almost certainly in a recession now, and the U.S. is not far behind."

Economists, however, debate whether Florida has fallen into recession. Last week, Wachovia Corp. economist Mark Vitner told a crowd of bankers in Tampa that he believed Florida is not in recession, based on most economic indicators.

In a November interview, McCarty said that the consumer confidence index can exceed 100 in times of economic prosperity, such as the late 1990s, when the index hit 112. In contrast, the index falls to recessionary levels when it dips to the mid- to low 70s.

Reporter Michael Sasso can be reached at (813) 259-7865 or msasso@tampatrib.com.

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