Although the country is still deep in recession, consumers think it may get better soon.
Based on results from both the Conference Board Consumer Research Center and the UF Bureau of Economic and Business Research, people across the country are feeling better about the economy this month than last month.
The Conference Board's Consumer Confidence Index, which serves as a gauge of economic health, rose from 47.4 in July to 54.1 this month, according to a report released Tuesday. The Expectations Index, which illustrates how consumers feel about the economic future, improved from 63.4 to 73.5 in July, the highest level since December 2007, according to the results.
The index reflects the idea that consumers expect the economy to improve over the next five years as a result of what they have seen or heard in the news, economics professor David Denslow said.
He said the recession could move in different directions, and the increase suggests it will be a positive one.
The economy could continue to "scrape the bottom" for a while and then bounce back, or it can take another decline, he explained.
"It's still miserable, but at least [the numbers] are up," Denslow said. "It will be a sluggish recovery, but [the results offer] useful information."
Lynn Franco, director of the Conference Board, said the results offer good news to consumers, explaining that the index has bounced back from a fall in June and July.
"The road to recovery is never smooth," Franco said. "The worst of economic times are behind us, but there's still a ways to go."
The Florida index conducted by the UF Bureau of Economic and Business Research showed similar results, with Florida's confidence index rising three points to 70.
The rise in confidence is a result of stock market gains, rising house prices and a lack of more setbacks in the national economy, according to a release.
Despite overall improved confidence in the economy, confidence in some categories did not rise.
Consumers' perception of personal finances remained the same, while willingness to buy big-ticket items fell by five points to 72, according to the Bureau's survey.
"It all depends on whether or not you are worse off now than you were a year ago," Denslow said. "And of course you are [worse off]. It will be a weak recovery. It won't be vigorous."
