According to a Siena Poll released today, “New York State consumer confidence decreased 0.4 points in July, while the nation’s confidence decreased 8.2 points, according to the latest poll by the Siena (College) Research Institute (SRI). At 63.0, New York’s overall consumer confidence is 4.8 points below the nation’s* 67.8 confidence level.

“Nationally this month Consumer Confidence fell like a rock, down by eight points,” according to Dr. Doug Lonnstrom, professor of statistics and finance at Siena College and SRI Founding Director. “In New York, the ‘willingness to spend’ held nearly constant, but at a level well below the national number. Most concerning is the low level of future confidence here in the Empire State. A majority of residents expect continuing periods of economic difficulties over the next five years and an even greater majority think business conditions will worsen over the next year. Only one in four expect to better their own financial situation over the next twelve months.”

Each month since January 1999, the SRI survey establishes a Consumer Confidence index number for New York State consumers. This index number allows a direct comparison of New Yorkers to all Americans (“the nation”) as surveyed by the University of Michigan’s Consumer Sentiment index. The SRI survey measures current and future consumer confidence, which combined provides the overall consumer confidence. SRI further looks at confidence in New York State by region (metro New York City and Upstate), age, income, gender and party.”

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