GAINESVILLE (CBSMiami/AP) — Gift giving must have done wonders for the morale of Florida’s consumer. A new survey revealed buyer’s confidence in the Sunshine State keeps climbing as the state’s economy continues to recover.READ MORE: New Travel Restrictions In Place, Dow Drops 905 Points Over New COVID Variant Concerns
The monthly University of Florida survey released Tuesday shows consumer confidence was 87.4 in the month of December. That’s on a scale of 2 to 150 benchmarked to 1966 at a value of 100.
That’s a jump from November and the highest it has been since February 2007.
Chris McCarty, director of the UF center that does the survey, said the rise in confidence was expected due to the ongoing recovery and a drop in gas prices.READ MORE: Black Friday Shoppers Out Early Hoping To Score Deals
He said the drop in gas prices represents “enormous savings” for many Floridians.
McCarty also said there are signs that consumer optimism should continue into 2015 although that could change if the Federal Reserve raises interest rates.
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