Consumer confidence fell again throughout New York in the fourth quarter: new data from the Siena Research Institute shows his is the second consecutive quarter confidence fell in eight of the nine metro areas that were measured.
"Consumers are not starting 2014 on a hopeful note in New York," said Don Levy, director of the institute. The Albany area's overall fourth quarter confidence number stood a 71.3, having fallen from 76.8 in the fourth quarter of 2012.
New York City had the highest score at 75.4.
Binghamton scored the lowest at 61.9.
“Consumer sentiment is down from this time last year at least two percent in Long Island to double digits in Binghamton, Mid Hudson, New York City and Rochester. Despite small gains in optimism in Long Island and Utica, with the exception of New York City, every area reports a stronger, albeit lukewarm at best, appraisal of current conditions than their falling forecast for the future. Still, it’s not as bad as it was two or three years ago. A bright spot? Homebuying plans are up in seven of nine regions and at or above historic levels in six.”
The situation is still better than it was two or three years ago when the nation was pulling out of the recession, Levy said. One bright spot in the survey was consumers' plans to buy homes, which increased in seven of the nine metro areas.
The only improved sentiment in New York state was on Long Island, a small increase.
The SRI survey was conducted by random telephone calls to adults over the age of 18. The New York City and Long Island index are based on an average of
SRI’s monthly consumer sentiment surveys. Each of the other metro area indexes is based on over 400 respondents.
