GAINESVILLE (CBSMiami/AP) — A survey released by the University of Florida on Tuesday revealed Florida’s consumer confidence is reaching its highest point in more than seven years.
The report showed consumer confidence was 86 in the month of November. That’s on a scale of 2 to 150 benchmarked to 1966 at a value of 100.
That’s a jump from October and the highest it has been since March 2007.
Chris McCarty, director of the UF center that does the survey, said this is the highest consumer confidence has been since the end of the Great Recession. The jump was unexpected since consumer confidence normally declines following an election.
But McCarty said lower gas prices and improving economic conditions contributed to the rise in consumer confidence. He said the jump bodes well for the upcoming holiday season.
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