Consumer sentiment rises Upstate, lags statewide level

Consumer sentiment among upstate New Yorkers continued to trail the rest of the state and nation in February, according to the latest index from the Siena Research Institute (SRI).

Upstate New York’s overall consumer sentiment index was 69.9 in February, up 1.6 points from the previous month, but behind New York state’s 77.3 and the metro New York City area’s 82.4. The state’s index was up 2.8 points from January and the New York City area’s rose 4.4 points.

The nation’s consumer sentiment index for the month was 77.6, according to data from the University of Michigan. SRI, located at Siena College near Albany, surveyed 808 New York residents over age 18 to develop its sentiment index.

SRI’s overall index combines consumers’ current and future feelings. Upstate New Yorkers feel better about the current environment, with an index of 73.5, but are more pessimistic about the future, with an index of 67.6.

Both readings were higher than January’s, according to SRI.

“Although February’s news was replete with dire sequester prophesies, consumer sentiment rebounded both in New York and across the nation,” Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said in a news release. “In New York, the overall index of consumer sentiment is once again just above the breakeven point at which there is as much optimism as pessimism.

“Democrats soared and are most bullish not only toward their current condition but also towards the future while Republicans are up slightly but remain negative towards both current and future economic conditions.”

For more on this story, see Friday’s issue of The Central New York Business Journal.

Contact Tampone at ktampone@cnybj.com