Positive vibes about current conditions drove up consumer confidence in upstate New York in May, according to the latest monthly poll from the Siena (College) Research Institute (SRI).
The overall consumer confidence index for Upstate jumped 3.3 points to 74.7. The region’s confidence is now flirting with the index’s break-even point of 75.
That’s the point at which consumers are equally optimistic and pessimistic. Index results below 75 reflect predominant pessimism, while results above 75 show largely optimistic consumers.
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Upstate’s overall confidence received a big boost from consumers who said they were more willing to spend in the present. Current confidence for the area spiked 6.8 points to 78.4.
Future confidence also climbed Upstate, albeit by a smaller amount. The indicator rose 1 point to 72.3.
Overall consumer confidence also increased for New York State as a whole, edging up 2 points to 76.6. Current confidence moved up 5.2 points to 76.2, while future confidence remained unchanged at 76.9.
Increases in current confidence break a trend that had developed over recent months, according to Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director.
“Current confidence has been kind of stagnant, just drifting along,” he says. “And then all of a sudden, the current component went up over five points.”
New Yorkers weren’t alone in increasing their willingness to spend. A national poll showed consumer confidence growing as well.
Overall consumer confidence swelled 2.9 points to 79.3, according to the University of Michigan’s Consumer Sentiment Index. The nation’s current confidence surged 4.3 points to 87.2, and its future confidence stepped up 2 points to 74.3.
SRI calculated its consumer confidence index after surveying 801 New York residents by telephone in May.
Contact Seltzer at rseltzer@cnybj.com
