By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-896735.mp3
Loudonville, NY –
As Americans continue to shift between positive and negative views of the national economy, a new Siena poll favors the positive course. Capital District Bureau Chief Dave Lucas reports.
Overall Consumer Confidence increased in six of nine New York State MSA's in the first quarter of 2010, according to the latest Quarterly Consumer Confidence survey released today by the Siena (College) Research Institute (SRI). At 72.5, the New York City region had the highest overall consumer confidence of the nine regions, and the Utica region had the lowest, at 58.7. Current confidence increased in eight of nine regions while future confidence increased in five of the nine regions.
Siena Research Institute Founding Director Doug Lonnstrom says of the 9 regions polled, 6 are up, indicating consumers are feeling better about the economy. "Aside from a small surge in Binghamton and Rochester and declines in Mid-Hudson and Utica, confidence tended to hold steady or inch upwards this quarter," according to Lonnstrom. "Most of the gains are in current rather than future confidence. In fact, only in New York City do we see more consumers predicting a better tomorrow than today. Future confidence, despite some small increases, is especially dismal in Albany, Binghamton, Buffalo, Mid-Hudson, Rochester, Syracuse and Utica. Consumers are saying the worst may be over for now, but with continuing job concerns, health care unknowns and a state budget in chaos, the other shoe may soon drop. Still, pent up desire, tax refunds and a little pocket cash appear to be leading New Yorkers to cautiously buy needed big ticket items over the next six months especially among upstaters that have been reluctant to spend over the past year."
Overall confidence is up:
4.5 points in Binghamton to 59.6 (#7)
4.1 points in Rochester to 63.1 (#5)
2.7 points in NYC to 72.5 (#1)
1.9 points in Syracuse to 63.6 (#4)
1.4 points in Albany to 64.8 (#3)
0.9 points in Buffalo to 60.2 (#6)
While Consumer Confidence is reported as an index number, Lonnstrom notes that the buying plans portion of the survey reflects the percent of respondents who plan specific expenditures in the next six months. Of the 45 buying decisions possible across the nine MSA's, 27 were up this quarter and 18 were down. Each buying plan per MSA displays the current percentage of respondents intending to purchase, the change from last quarter, and the historic average percentage of respondents by MSA that have intended to purchase.
If you wish to view a PDF version of the report, click here.