According to a new Siena College Poll released this morning - ” New York State consumer confidence decreased 0.5 points in August, while the nation’s confidence increased 1.1 points, according to the latest poll by the Siena (College) Research Institute (SRI). At 62.5, New York’s overall consumer confidence is 6.4 points below the nation’s* 68.9 confidence level.
In August, buying plans were up for: major home improvements, 0.1 points to 13.8%. Buying plans were down for: cars/trucks, 2.6 points to 7.0%; computers, 1.8 points to 11.0%; and furniture, 2.1 points to 15.3%. Buying plans remained unchanged for homes, at 2.0%.

“It’s hard to put a positive spin on these numbers,” according to Dr. Doug Lonnstrom, professor of statistics and finance at Siena College and SRI Founding Director. “Statewide our numbers are weak and depict worried consumers very reluctant to spend. Under the hood, we see Democrats saying the economic glass is nearly half full, but Republicans, 25 future index points lower, are now more pessimistic about their own prospects as well as the five-year state outlook than they have been since we began measuring consumer confidence in 1999. Over six of every ten Republicans expect poor business conditions in New York this year and widespread unemployment through 2015. Democrats forecast a somewhat rosier picture for the state and are much more likely than Republicans to insist that somehow, someway, they personally will be better off in a year.”

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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