Consumer confidence dropped among upstate New Yorkers in March, breaking from rising sentiment in the rest of the state and country.
Overall consumer confidence fell four points in upstate New York to 67.9 in March, according to a monthly index from the Siena (College) Research Institute (SRI). March marks the first fall in the index since October.
Upstate residents took a dimmer view of both current conditions and the future. Current Upstate consumer confidence declined 5.6 points to 71.3. Future confidence dipped 2.9 points to 65.7.
(Sponsored)
The Pay Transparency Laws Become Effective On September 17th. Are You Ready?
Later this month New York will join a handful of States in the US which require greater transparency in wages. In December 2022, the Governor signed into law new wage
Time to Prepare for OSHA’s new “Walkaround Rule”
In a development consistent with President Biden‘s growing reputation as leading the most pro-union administration in history, the Occupational Safety and Health Administration (OSHA) has published a rule allowing employees
The results drove Upstate’s consumer-confidence index further below its break-even point of 75. That is the point at which an equal number of consumers respond to an SRI survey with positive answers and negative answers.
Index results below 75 indicate more consumers gave negative answers than positive ones. Results above 75 show positive answers were predominant.
Confidence in New York state as a whole moved in a different direction than in Upstate. Statewide overall confidence rose 1.5 points to 76.3. Current confidence increased 1.5 points to 75, and future confidence rose 1.4 points to 77.1.
“Not everyone is as bullish as their neighbor,” SRI Director Donald Levy said in a news release. “Index numbers in New York City and among Democrats, higher income, the young, and to some extent women, are significantly higher than Upstate and among Republicans, lower income, older, and men.”
National consumer confidence also climbed, according to the University of Michigan’s Consumer Sentiment Index. The national index ticked up 0.9 points to 76.2. Current confidence throughout the country rose three points to 86, but future confidence slipped 0.5 points to 69.8.
SRI conducted its consumer-confidence survey in March by making random telephone calls to 801 New York residents over the age of 18.
Contact Seltzer at rseltzer@cnybj.com
