There is not much more that can give one faith in the economy except for a high consumer sentiment right as the holiday season comes along! According to a recent University of Florida Consumer Survey, Florida’s consumer sentiment grew in November, up two points during the month and up more than five points from November 2014. This high consumer sentiment comes just in time for holiday shopping and indicates that holiday sales will be strong.
The index analyzed four components, and Florida showed increases in three of them. The biggest increase compared to a year ago was in perceived personal finance. The personal finance component improved most greatly in those surveyed who earn under $50,000 per year. This shows that Floridians of diverse socioeconomic classes are seeing a bright future. Expectations of US economic conditions also improved compared to 2014. For some reason, men showed more strongly positive expectations for the economy than women did.
“On expected national economic conditions in the upcoming year, the reading went up 8.7 points for men but declined 3.3 points among women,” said Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.
A reason Florida’s consumer sentiment may have increased is from so many added jobs in October. The Florida unemployment rate declined in October with 239,900 jobs added statewide throughout the month. Florida’s unemployment rate is still a bit higher than the national average, but with such great consumer sentiment, hopefully the economy will continue to grow stronger.
“All these positive signals for the holiday sales season will help labor market recovery and may further improve economic perceptions in the following months,” Sandoval said.
To see Florida’s consumer sentiment so positive just before the holiday season is great! If you are either a buyer or seller of a Florida home, this news should make you happy as well. At RE/MAX Paradise, we are excited to enter the holiday season with optimism and encourage you to check out our amazing properties!