Confidence up, unexpectedly

Consumer confidence jumped six points in October and now stands at 74, its highest level in six months according to the University of Florida's Bureau of Economic and Business Research.

All five components of the survey's index — which includes perceptions of personal finances, as well as those of the U.S. economy — reported positive gains.

Those gains were especially pronounced among senior citizens, the university said in a release. The survey's index went up 11 points among respondents over age 60, compared to a gain of just two points for participants under 60.

The temporary foreclosure moratorium may be having a large impact on this month's latest results, which surprised Chris McCarty, a research director with UF. “Much like the spike in April's consumer confidence, this increase was not expected,” McCarty said.

“My thinking had been that consumer confidence would remain mired in the upper 60s and low 70s until there was a clear path to economic recovery,” he added. “While I still believe that to be the case, the confidence index for Florida has been somewhat erratic since April.”

The University's October results were based on responses from 403 survey participants.