Capital Soup

Florida News Straight From the Source

You are here: Home / Archives for February 2017

February 2017

Florida Department of Agriculture and Consumer Services Recovers More Than $235,000 for Floridians in February

Posted on

The Florida Department of Agriculture and Consumer Services recovered more than $235,000 for Florida consumers during the month of February. In 2016, the department recovered nearly $3 million for Florida consumers from moving companies, vehicle repair shops, pawn shops, health studios, telemarketers, sellers of travel and more.
During the month of February, the department:

  • Recovered $235,485 on behalf of Florida consumers;
  • Received 3,208 complaints;
  • Initiated 205 investigations;
  • Arrested 10 individuals;
  • Provided assistance to 20,866 consumers through the 1-800-HELP-FLA hotline, online chats and emails; and
  • Added 15,115 telephone numbers to Florida’s Do Not Call List.

As the state’s clearinghouse for consumer complaints, the department educates the public, investigates complaints and provides mediation on behalf of consumers. The department’s call center is staffed with trained analysts who can respond to questions about programs and regulations under the department’s purview, provide information on a wide variety of topics or direct callers to the appropriate government agency.
Consumers who believe fraud has taken place can contact the department’s consumer protection and information hotline at 1-800-HELP-FLA (435-7352) or, for Spanish speakers, 1-800-FL-AYUDA (352-9832). For more information about the Florida Department of Agriculture and Consumer Services, visit FreshFromFlorida.com.

Florida consumer sentiment in February drops from record high

Posted on

2.28.2017 FL consumer sentiment
After three months of positive gains, consumer sentiment among Floridians fell 3.3 points in February to 94.0, according to the latest University of Florida consumer survey.
The pattern in Florida is similar to consumer sentiment at the national level, which also dropped 2.2 points in February to 96.3 from January’s record 98.5 according to the University of Michigan’s survey of consumers.
“While readings about current economic conditions increased slightly, expectations for the future decreased sharply among Floridians in February,” said Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.
Floridians’ perceptions of their personal financial situation now compared with a year ago ticked up six-tenths of a point this month, from 87.7 to 88.3. Opinions as to whether now is a good time to buy a big-ticket household item such as an appliance inched up seven-tenths of a point, from 100.7 to 101.4.
“The increase in these two components reflects that current economic conditions have improved in general among Floridians. These perceptions are particularly strong among men, those 60 and older and those with income levels over $50,000,” Sandoval said.
However, all three components that ask about future economic conditions showed a marked decrease. Expectations of personal finances a year from now showed the greatest decline in this month’s reading, dropping 6.6 points from 106.0 to 99.4.
Opinions about the national economy were also negative: Expectations of U.S. economic conditions over the next year decreased 5.2 points, from 96.8 to 91.6. Anticipated U.S. economic conditions over the next five years fell from 95.1 to 89.3, a 5.8-point drop.
“Expectations about future economic conditions increased between November and December of last year, but have declined since then. Floridians are pessimistic about their future personal finances independent of their socioeconomic and demographic status. The greatest declines in perceptions about the national economy were among women, those under age 60 and those with annual income above $50,000,” Sandoval said.
Until September 2016, the current economic conditions components and the future expectations components moved together in tandem. But from September 2016 until February 2017, the future expectations components went up faster and stayed above the components reflecting current conditions.
“Expectations about the U.S. economy improved greatly before and right after the presidential election, perhaps because the population was optimistic about the incoming administration,” Sandoval said. “However, these expectations are turning pessimistic in February and the gap between the present perceptions and future expectations has disappeared.”
Overall, economic activity has expanded and the labor market continued to strengthen in the U.S. As a result, earlier this month the Federal Open Market Committee decided to keep the benchmark overnight lending rate target at a range of 0.5 percent to 0.75 percent.
In recent months, Florida job gains have remained strong and the unemployment rate has remained low, reflecting the state’s positive economic environment.
Economists look to consumer sentiment as an early signal of future conditions, because confidence among consumers leads to spending and consumption. “High levels of confidence are important to keep the economy growing,” Sandoval said. “The next few months will be key to assessing the potential economic outlook for the following years.”
Conducted Feb. 1-23, the UF study reflects the responses of 489 individuals who were reached on cellphones, representing a demographic cross section of Florida.
The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2, the highest is 150.
Details of this month’s survey can be found at http://www.bebr.ufl.edu/csi-data.
Writer: Colleen Porter, [email protected]