Consumer Spending Continues to Outpace Prior Years

The most recent information from the Florida Department of Revenue shows that consumer spending in Leon county was up in June by 9.0% when compared to spending one year ago. In absolute terms, spending in June 2017 was up $54.9 million, to $661.8 million.

At the state level, Florida experienced a 6.9 % increase in June spending when compared to last year.

At the national level, Bloomberg reported that consumer spending lost momentum in June, signaling the U.S. economy may get less help from households in the near future.

The Gross Sales Report below shows that Leon county annual growth in spending in June has increased 3.8% when compared to annual spending one year ago.

Leon county’s 3.8% growth in the spending over the last 12 months is comparable to the 4.2% growth in spending reported at the state level.

The chart below compares gross sales for the first six months of each year since 2012.

Since a significant decrease in 2015, spending has trended up during this time period in 2016 and 2017. So far in 2017, consumer spending is up 3.0% over the first six months of last year.

Consumer confidence reaches 2002 levels in Florida

A University of Florida consumer survey found consumer confidence rose for the second straight month. The survey measured confidence in July at 97.7, which is 1.5 points higher than it was previously. The lowest index possible is a 2, and the highest is 150.

This is only the second time since March 2002 that consumer confidence has been this high in Florida. The survey measured confidence in June at 96.4,

Hector Sandoval of the Economic Analysis Program at UF’s Bureau of Economic and Business Research said that women, older residents and those that earn less than $50,000 a year have very positive views about their personal financial situation.

The upswing was reflected nationwide.

The Conference Board reported that the U.S. consumer confidence index rose to 121.1 in July, an increase from June’s 117.3 reporting.

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