LOUDONVILLE, N.Y. (NEWS10) — The New York State Index of Consumer Sentiment now stands at 72.3, up 1.5 points from the last measurement in the third quarter of 2022, according to the latest poll by the Siena College Research Institute (SCRI). New York’s overall Index of Consumer Sentiment is 12.6 points about the nation’s index of 59.7.
The current index increased nearly 3 points to 66.7 and the future index increased nearly 1 point resulting in New York’s measure of future expectations moving from 75.2 last quarter to 75.9 today. Both the state and national indexes are all increased between nearly 1 to just under 3 points.
Overall confidence remains higher in New York than across the nation. Future confidence in New York is just above the breakeven point of balanced optimism and pessimism and 16 points higher than national future confidence.
“Both New York’s and the nation’s consumer sentiment picked up ever so slightly over the fourth quarter with NY’s index continuing to outpace the country’s by nearly 13 points,” according to Don Levy, SCRI’s Director. “While Democrats and New York City residents record scores that display more optimism than pessimism, the largest increases in sentiment this quarter were among Republicans – up nearly 8 points – and Upstaters – up over 6 points. Lingering inflation, food prices, and political uncertainty may explain NY’s current sentiment measurement remaining over 20 points lower than the pre-pandemic level. Still, demand for major consumer goods is high most especially for cars/trucks at over 25% the highest since the fall of ‘19.”
In the fourth quarter of 2022, buying plans were up from third-quarter measurements for cars and trucks. Buying plans were down for major home improvements, furniture, consumer electronics, and homes.
Sixty-six percent of all New Yorkers say that current gasoline prices are having a very serious of somewhat serious impact on their financial condition. Seventy-nine percent of state residents indicate that the amount of money they spend on groceries is having either a very serious or somewhat serious impact on their finances.