Written by Sonia Lindell on December 8, 2011 – 6:42 am
According to the latest poll by the Siena College Research Institute:
New York State consumer confidence increased 3.1 points in November, while the nation’s confidence increased 3.2 points, according to the latest poll by the Siena (College) Research Institute (SRI). At 62.2, New York’s overall consumer confidence is 1.9 points below the nation’s* 64.1 confidence level.
In November, buying plans were up for furniture, 4.1 points to 18.6%, and for homes, 0.1 to 3.5%. Buying plans were down for cars/trucks, 0.1 points to 9.5%, for computers, 0.5 points to 15.5%, and for major home improvements, 0.7 points to 12.2%.
“As holiday lights brighten the season, and national economic indicators including jobs reports, stock market increases and early holiday spending offer cheer, consumer confidence rose this month for the first time since May,” according to Dr. Doug Lonnstrom, professor of statistics and finance at Siena College and SRI Founding Director. “Good news, but hold your reindeer. Although we see confidence gains among Democrats and older New Yorkers, the overall willingness to spend remains well below the point at which optimism simply equals pessimism and the index is nearly five points under where the state’s confidence was this time last year. New Yorkers continue to be more pessimistic about the current financial landscape than the rest of the country but are more, albeit not very, positive about the future than the nation. This split exists within our own state as well with Upstate being more optimistic currently than New York City, but the city seeing a better future than Upstate.”
To read the entire release click here.
