Upstate consumer sentiment rises for a third month

LOUDONVILLE, N.Y. — Consumer sentiment in upstate New York edged higher by 1.1 points to 76.5 in June, the third straight monthly increase, according to the latest survey the Siena (College) Research Institute (SRI) released today.

Upstate’s overall-sentiment index of 76.5 is a combination of the current sentiment and future-sentiment components. Upstate’s current-sentiment index of 83.7 increased 2.6 points from May, while the future-sentiment level remained unchanged at 71.8, according to the SRI data.

The future-sentiment level had increased nearly 8 points in the May survey, the data indicated.

Upstate’s overall sentiment was 2.3 points below the statewide consumer-sentiment level of 78.8, which rose 2.8 points from May, SRI said.

New York state’s consumer-sentiment index was 3.7 points lower than the June figure of 82.5 for the entire nation, which inched up 0.6 points from May, as measured by the University of Michigan’s consumer-sentiment index.

The improved attitudes among New York City residents drove the June increase in New York state’s consumer sentiment, which also was up for a third consecutive month, Doug Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said in the news release.

“The overall index, nearly as high as the national measure, is homing in on pre-recession numbers. The increase is not only [New York City] based, but also grounded more on accepting the present economic realities than on believing that tomorrow will be better,” said Lonnstrom.

The survey found New Yorkers remain divided on whether their future financial situation or that of the overall marketplace will improve over the next year, but a “growing” number now say that their lot has improved over the past 12 months, according to Lonnstrom.

“Overwhelmingly, residents say that now is a great time to buy major household items, a telltale indicator of both perceived value and current confidence,” he added.

For more on the topic of consumer confidence in New York, see the story in the July 18 issue of The Central New York Business Journal.

Contact Reinhardt at ereinhardt@cnybj.com