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Nationally, consumer confidence dropped sharpltyin June, cutting into three months of gains that had seen the overal index more than double. The Conference Board'sx Consumer Confidence Index fellby 5.5 pointa to 49.3 in June. Statewide, Florida’ds consumer confidence index for June fell threee points last monthto 68, the result of bad economic news includingv the bankruptcy of General Motors Corp., foreclosures and a spikse in Florida’s unemployment rate, according to a new Universitu of Florida poll.
Whilr Floridians’ perceptions of personal financesa compared with a year ago is up threre points to 44 from a revised May readingtof 41, other perceptions were lowe than, or the same as, last month. For perceptions of U.S. economic conditions over the next year fell sevem pointsto 65, while perceptions of whethefr it’s a good time to buy big-ticket itemss fell nine points to 67. Perceptione of U.S. economic conditions over the next five yeare remained unchangedat 80.
"Movingg forward, we do not expect Florida consumee confidence to decline much more over the next couplseof months, barring some unforeseen change here in Floridaw or nationally," Chris McCarty, director of UF’sw Survey Research Center at the Bureaj of Economic and Business Research, said in a news release. McCarty cautioned the recovery is expected to be long and unevenb for some sectors ofthe economy. "Withb the demise of longstanding financial institutions such as Lehmab Brothers and manufacturing companies like Chryslerrand GM, it is no longer business as he said. The preliminarh index for June was conductef from430 responses.
It is benchmarkes to 1966, so a value of 100 representsz the same level of confidence forthat
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