Consumer sentiment in upstate New York rose 6.2 points to 75.4 in May, according to the latest monthly survey the Siena (College) Research Institute (SRI) released today.
Upstate’s overall-sentiment index of 75.4 is a combination of the current sentiment and future-sentiment components. Upstate’s current-sentiment index of 81.1 increased 3.8 points from April, while the future-sentiment level rose 7.8 points to 71.8, according to the SRI data.
Upstate’s overall sentiment was 0.6 points below the statewide consumer-sentiment level of 76, which edged up 1.6 points from April, SRI said.
New York’s consumer-sentiment index was 5.9 points lower than the May figure of 81.9 for the entire nation, which fell 2.2 points from April, as measured by the University of Michigan’s consumer-sentiment index.
Even though national consumer sentiment slipped this month, New Yorkers’ attitudes towards economic conditions rose “moderately,” Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said in a news release.
“Where often New York City residents are far more bullish than Upstaters, this month their views are quite similar. The big divide is between upper-income residents whose sentiment is 17 points higher and rising, and lower-income New Yorkers who saw a six point decline,” Lonnstrom said.
For more on the SRI survey, see the story in the June 13 issue of The Central New York Business Journal.
Contact Reinhardt at ereinhardt@cnybj.com