Consumer confidence among upstate New Yorkers increased for the second consecutive month in December, thanks in large part to growing optimism for the future.
Upstate’s overall consumer confidence index climbed 5.8 points to 66.4, according to a survey released this morning by the Siena (College) Research Institute (SRI). The overall confidence index is a combination of a future confidence and current confidence.
The future confidence index for upstate New York soared nine points to 66.7. The current confidence index inched up 0.8 points to 66.
Overall consumer confidence remained slightly higher in New York as a whole, rising 5.1 points to 67.3. Statewide consumers’ future confidence increased 6.3 points to 68.1, while their current confidence gained 3.1 points to 66.
The state continued to trail national consumer confidence, which is measured by the University of Michigan’s Consumer Sentiment Index. Nationwide, overall consumer confidence rose 5.8 points to 69.9. Future national confidence jumped 8.2 points to 63.6, and current confidence grew two points to 79.6.
“Confidence took a healthy step forward as 2011 ended in both the Empire State and the nation,” SRI Director Donald Levy said in a news release. “Remember, we continue to have a long way to go.
Current confidence is equal to our May 2011 level and still well below the point at which optimism outweighs pessimism across the state’s consumers.”
The point at which optimism and pessimism are equal in the survey is 75. Survey results above 75 indicate more consumers responded to SRI’s survey with positive answers, while results below 75 indicate more consumers were negative.
Overall consumer confidence in New York state was 67.6 in May 2011. It was 63 at that time in upstate New York.
SRI conducted the new survey in December 2011 by making random telephone calls to 801 New York residents over age 18.
Contact Seltzer at rseltzer@cnybj.com