Upstate New York’s consumer sentiment rose 5.9 points to 73.9 in May, according to the latest monthly survey from the Siena (College) Research Institute (SRI) issued today.
Upstate’s overall-sentiment index of 73.9 is a combination of the current-sentiment and future-sentiment components. Upstate’s current-sentiment index of 80 is up 6.1 points from April, while the future-sentiment level rose 5.9 points to 70.1, according to the SRI data.
The Upstate figure was 3.3 points below the statewide consumer-sentiment level of 77.2, which was up 3.3 points from April, SRI said.
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New York’s consumer-sentiment index was 7.3 points lower than the figure for the entire nation of 84.5, which jumped 8.1 points from April, as measured by the University of Michigan’s consumer-sentiment index.
New Yorkers’ assessment of their current situation as well as their future outlook moved into positive territory for only the second time since June 2007, Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said in a news release.
“Nationally, sentiment rose by over eight points and reached its highest point since July 2007. New Yorkers are somewhat more positive towards the economy and business conditions than are national respondents but when it comes to their personal finances, New Yorkers are more optimistic than they have been but trail the more bullish whistling we hear across the rest of the 50 states,” Lonnstrom said.
In SRI’s monthly analysis of gas and food prices, 69 percent of upstate respondents said the price of gas was having a serious impact on their monthly budgets, which is up from 68 percent in April.
In addition, 57 percent of statewide respondents indicated concern about the price of gas, down from 59 percent in April, according to SRI.
When asked about food prices, 71 percent of Upstate respondents indicated their grocery bill was having a serious impact on their finances, down from 72 percent in April. About 68 percent of statewide respondents expressed concern about their food bills, down from 70 percent in April.
SRI conducted its consumer-sentiment survey in May by random telephone calls to 813 New York residents over the age of 18.
Contact Reinhardt at ereinhardt@cnybj.com