Florida Consumer Confidence Index hits 16-year low

Talk about glum: The state's consumers haven't felt this bad about the economy since December of 1991 when they were coming out of a recession. The Florida Consumer Confidence Index fell five points, to 68, in March, just four points above is 1991 all-time low. "Given these levels and the retail sales data form the U.S. Census Bureau, it is clear that consumers are not in a position to revive an economy that is almost certainly in a recession," said Chris McCarty, director of the survey research center at the University of Florida Bureau of Economic and Business Research.

McCarty said the stage is being set for a recovery, but it won't be forthcoming any time soon. He said he expects housing prices in many Florida markets to bottom out by July.