Consumer Confidence climbs more than expected in August

Consumers are feeling better about the economy, both in Florida and across the country. The dose of cheerfulness surprised analysts.
From Miami Herald Staff and Wire Reports
Consumer confidence climbed more than forecast in August as Americans turned less pessimistic about the outlook for jobs, easing concern households will retrench. The brightened mood coincided with a Florida survey showing consumers slightly more optimistic in the Sunshine State, too.

The national Conference Board's confidence index rose to 53.5 from a five-month low of 51 in July, according a report Tuesday from the New York-based research group. Other reports showed business activity slowed in August and home prices held up in the three months to June.

A statewide survey by the University of Florida also showed a slight brightening in consumers' mood. That index inched up a point to 67 in August, a level that still broadcasts gloominess in a state walloped by high unemployment and depressed housing values.

``We are in the economic doldrums,'' said Chris McCarty, director of UF's Survey Research Center in the Bureau of Economic and Business Research.

In Florida, perceptions of personal finances compared with a year ago rose four points to 52 from a record low in July. Looking ahead a year from now at their finances, Floridians also were a bit more cheerful, with that measure up 3 points to 78.

The median forecast of economists surveyed by Bloomberg News projected the national sentiment index would rise to 50.7. Estimates of the 68 economists polled ranged from 47.5 to 55. The measure averaged 45 in 2009.

Miami Herald staff writer Douglas Hanks contributed to this report.



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