Upstate consumer sentiment slips in September, statewide figure up slightly

Consumer sentiment in upstate New York was measured at 84.9 in September, down 0.3 points from the last measurement in June.

That’s according to the latest quarterly survey the Siena (College) Research Institute (SRI) released on Thursday.

The June measurement of 85.2 was up 3.4 points from the previous measurement in March of 81.8.

Upstate’s overall sentiment was 3.7 below the statewide consumer-sentiment level of 88.6, which rose 0.6 points compared to June.

The figure was 2.6 points lower than the September figure of 91.2 for the entire nation, which fell 2.3 points from June, as measured by the University of Michigan’s consumer-sentiment index.

Despite global turmoil and pre-election calls for getting America back on track, consumer sentiment both in New York and nationally remained high and at pre-recession levels, Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said in the SRI news release.

“National numbers, both overall and current dipped a few points while New York held steady. But, as we look to the future, New Yorkers were up by over a point, top the nation and have reached the highest level of optimism we’ve seen in almost 10 years,” said Lonnstrom.

In SRI’s quarterly analysis of gas and food prices, 30 percent of Upstate respondents said the price of gas was having a serious impact on their monthly budgets, which is down from 36 percent in June and the same as the measurement in March.

When asked about food prices, 59 percent of Upstate respondents indicated the price of groceries was having a serious impact on their finances, down from 61 percent in June and the same as the measurement in March.

SRI conducted its survey of consumer sentiment between Sept. 1 and Sept. 30 by telephone calls conducted in English to 800 New York residents.

It has an overall margin of error of plus or minus 4.2 percentage points, according SRI.

Contact Reinhardt at ereinhardt@cnybj.com