Upstate New Yorkers turned away from the cash register in August, pushing down the region’s consumer confidence.
That’s according to monthly polling released today by the Siena (College) Research Institute (SRI). The institute’s overall consumer confidence index for upstate New York fell 4.6 points to 66.7.
The index slipped farther from its break-even point of 75 — the point at which consumers are equally optimistic and pessimistic. Index results below 75 illustrate largely pessimistic consumers, while results above the mark show optimistic consumers.
Both current and future consumer confidence declined Upstate, SRI found. Current confidence fell 4.2 points to 72, while future confidence tumbled 4.8 points to 63.3.
Upstate residents helped drive down confidence statewide. SRI’s index for New York state residents’ overall consumer confidence dropped 1.5 points to 73.9. The index for state residents’ future confidence declined 1.9 points to 73.1, and the index for future confidence slipped 1.3 points to 74.4.
New York’s statewide consumer confidence faded as gasoline prices approached $4 per gallon and consumers saw little change in economic indicators, according to Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director.
“Everything kind of stayed flat,” he says. “Unemployment stayed the same. The housing market isn’t different. The stock market is drifting. We’re down a point-and-a-half, and I attribute almost all of that to gas prices, particularly Upstate.”
Confidence across the United States fared slightly better, according to the University of Michigan’s Consumer Sentiment Index. It showed overall consumer confidence in the nation increased two points to 74.3. Current confidence spiked six points to 88.7, but future confidence edged down 0.5 points to 65.1.
SRI made random telephone calls to 803 New York residents over the age of 18 during the month of August to develop its confidence index.
Contact Seltzer at rseltzer@cnybj.com