LOUDONVILLE — The New York State Index of Consumer Sentiment now stands at 70.8, up 9.1 points from the last measurement in the second quarter of 2022, according to the latest poll by the Siena College Research Institute.
But, a significant majority, 69 percent of all New Yorkers say that current gasoline prices are having a very serious or somewhat serious impact on their financial condition. And 78 percent of state residents indicate that the amount of money they spend on groceries is having either a very serious or somewhat serious impact on their finances.
New York’s overall Index of Consumer Sentiment is 12.6 points above the nation’s Index of 58.2. The current index increased nearly 12 points to 64.1 and the future index increased nearly 8 points resulting in New York’s measure of future expectations moving from 67.6 last quarter to 75.2 today.
“New Yorkers’ collective sentiment continues to outpace the national rate driven by far greater optimism in the New York City area especially when looking to the future. Still, our tale of two states persists,” said SCRI Director Don Levy. “he Gotham-area index is 19 points above upstate, younger residents outpace older New Yorkers by over 22 points and Democrats and Republicans live in different economic sentiment realms with D’s over R’s by over 37 points.
The national indexes all increased between nearly 5 and over 10 points. Overall confidence is higher in New York than across the nation. Future confidence in New York is just above the breakeven point of balanced optimism and pessimism and 17.2 points higher than national future confidence.
New Yorkers are planning to purchase more consumer goods in the third quarter. According to the poll, 14 percent plan to purchase a home (up from 8.5 percent last quarter,) 21.7 percent plan to purchase a vehicle (up from 18.5 percent last quarter,) 47 percent plan to purchase consumer electronics (up from 43.1 percent) and 29.4 percent plan to purchase furniture (from 25.4 percent.)
The SCRI poll was conducted Aug. 28 to Sept. 1. The overall results has a margin of error of +/- 3.7 percentage points. Consumer sentiment is expressed as an index number developed after statistical calculations to a series of questions so margin of error does not apply to those indices.