Consumer sentiment among New Yorkers fell 3.3 points to 75.4 in July, which is nearly 10 points below the sentiment figure of 85.1 for the entire nation.
At the same time, consumer sentiment in upstate New York fell 5.2 points to 71.7 in July.
Both readings are part of the latest monthly survey from the Siena (College) Research Institute (SRI) released today.
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Upstate’s overall-sentiment index of 71.7 is a combination of the current-sentiment and future-sentiment components. Upstate’s current-sentiment index of 80 is down 1.5 points from June, while the future-sentiment level also decreased 7.6 points to 66.4, according to the SRI data.
The current-sentiment components for both New York and the upstate region were about 18 points below the same component for the entire country, as measured by the University of Michigan’s consumer-sentiment index.
The nation’s confidence level is now 10 points higher than New York’s sentiment level, which slipped more than three points, Doug Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said in a news release.
“Women, Upstaters and younger consumers fell sharply this month despite a strong showing on Wall Street. Persistent slow job growth and economic uncertainty remain the culprits. Nationally, the current outlook is 19 points higher than it is in New York as more New Yorkers continue to say ‘what recovery’ compared to those surveyed across the country,” Lonnstrom said.
In SRI’s monthly analysis of gas and food prices, 66 percent of upstate respondents said the price of gas was having a serious impact on their monthly budgets, which is down from 68 percent in June and down from the 69 percent figure in May.
In addition, 57 percent of statewide respondents indicated concern about the price of gas, up from 56 percent in June, according to SRI.
When asked about food prices, 68 percent of Upstate respondents indicated the price of groceries was having a serious impact on their finances, down from 69 percent in June. About 65 percent of statewide respondents expressed concern about their food bills, down from 67 percent in June. The figure had reached 70 percent in April, according to the SRI data.
SRI conducted its consumer-sentiment survey in July by random telephone calls to 808 New York residents over the age of 18.
Contact Reinhardt at ereinhardt@cnybj.com