According to a new poll from the Florida Atlantic University Business and Economic Polling Initiative (FAU BEPI), Hispanics are feeling more optimistic about their finances and the economy thanks to a declining unemployment rate among Hispanics. The Hispanic Consumer Sentiment Index (HCSI) increased to 85.3 in the first quarter of the year, up from 76.3 in the fourth quarter of 2023. This increase in optimism was seen across all five questions used to generate the HCSI.
One of the key factors driving this optimism is a decrease in unemployment among Hispanics, which dropped from 4.9 percent to 3.7 percent from January to March according to the Bureau of Labor Statistics. This has led many Hispanics to feel more positive about their personal finances and their overall economic outlook.
In terms of big purchases, there has been an increase in optimism among Hispanics, with 41 percent thinking it is a good time to purchase major household items, compared to 38 percent in the previous quarter. Despite rising inflation rates, this reflects a growing sense of confidence among Hispanics that they will be able to make important purchases without undue financial strain.
Overall, the survey conducted by FAU BEPI shows that Hispanics are becoming increasingly optimistic about their financial situation and their overall economic outlook. As this trend continues, it could have significant implications for consumer spending and economic growth in the coming years.