Upstate New York’s consumers regained some confidence in July, a month after curtailing their willingness to spend in June.
That’s according to the overall consumer-confidence index for Upstate New York, which is measured by the Siena (College) Research Institute (SRI). The index moved up 2.1 points to 71.3 in July.
Its rise did not completely make up for a 5.5-point drop in June. But the index edged back toward its break-even point of 75.
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The break-even point is the reading at which consumers display equal amounts of optimism and pessimism. Index results above 75 mean more consumers were optimistic, while results below 75 indicate prevailing pessimism.
Upstate New Yorkers felt more confidence about both current and future conditions than they did the previous month. Current confidence increased 1.9 points in July to 76.2, while future confidence moved up 2.2 points to 68.1.
“When we look at the current component, we’re slightly above the break-even point, although it’s very close,” says Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director. “It’s the future of Upstate that’s not looking so good.”
Upstate consumers remained less willing to spend than consumers in both the state as a whole and the nation. Statewide overall consumer confidence climbed 0.9 points to 75.4. The nation’s overall consumer confidence slipped 0.9 points to 72.3.
SRI calculated the upstate and New York State confidence levels after surveying 804 state residents over the age of 18 in July. The national index reading comes from the University of Michigan’s Consumer Sentiment Index.
Contact Seltzer at rseltzer@cnybj.com