TALLAHASSEE, Fla., Aug. 30 (UPI) -- A University of Florida study says costly energy, stock market volatility and especially the housing slump are weakening consumer confidence.
The school said its index of consumer confidence among Floridians shows a fall from 87 to 76 in August, its lowest level in more than a decade, the school said in a statement.
"The size and extent of the fall in confidence in August is very similar to the effects we saw last year following Katrina, without the hurricane," said Chris McCarty, director of the survey research center at the university's Bureau of Economic and Business Research.
"When we think about the events that may have impacted consumers, there is, of course, the price of energy, although that has declined recently," he said. "The Israeli invasion of Lebanon may have been a factor, although such events typically impact perceptions of short-term business conditions. We think it is likely that the effects of a declining housing market may finally be coming into play."
