Upstate and statewide consumer sentiment climb

LOUDONVILLE, N.Y. — Consumer sentiment in upstate New York was measured at 77.5 in November, up 9.2 points from the last reading in July.

And consumer sentiment statewide is at its highest point since early in 2007

That’s according to the latest survey report that the Siena (College) Research Institute (SRI) issued Monday.

Upstate consumer sentiment had plummeted 8.2 points to 68.3 in July, according to a Siena survey released Aug. 6.

Upstate’s overall-sentiment index of 77.5 is a combination of the current sentiment and future-sentiment components. Upstate’s current-sentiment index of 81.9 increased 4.6 points from July, while the future-sentiment level rose 12.2 at 74.7, according to the SRI data.

Upstate’s overall sentiment was 6.5 points below the statewide consumer-sentiment level of 84.0, which rose 10.5 points compared to July, SRI said.

New York state’s consumer-sentiment index was 4.8 points lower than the November figure of 88.8 for the entire nation, which rose 12.8 points from July, as measured by the University of Michigan’s consumer-sentiment index.

“It may not feel like ‘happy days are here again’ to many and holiday spending in New York is not poised to set any records, but overall consumer sentiment is up dramatically reaching a number we haven’t seen since early 2007. New Yorkers trail the nation in the present tense but lead when looking to the future driven by stronger downstate optimism,” Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said in a news release.

Lonnstrom tells the Business Journal News Network that SRI will conduct surveys to measure consumer sentiment in New York on a quarterly basis following a budget review. It had conducted the surveys monthly from their inception in 1999.

SRI conducted its survey of consumer sentiment in November by random telephone calls to 809 New York residents over the age of 18.

As consumer sentiment is expressed as an index number developed after statistical calculations to a series of questions, “margin of error” does not apply, SRI said.

Buying plans, which are shown as a percentage based on answers to specific questions, have a margin of error of plus or minus 3.4 points.

Contact Reinhardt at ereinhardt@cnybj.com