Consumer sentiment in upstate New York rose three points to 76.9 in June, according to the latest monthly survey from the Siena (College) Research Institute (SRI) released on Friday. Upstate’s overall-sentiment index of 76.9 is a combination of the current-sentiment and future-sentiment components. Upstate’s current-sentiment index of 81.5 is up 1.5 points from May, […]
Consumer sentiment in upstate New York rose three points to 76.9 in June, according to the latest monthly survey from the Siena (College) Research Institute (SRI) released on Friday.
Upstate’s overall-sentiment index of 76.9 is a combination of the current-sentiment and future-sentiment components. Upstate’s current-sentiment index of 81.5 is up 1.5 points from May, while the future-sentiment level rose 3.9 points to 74, according to the SRI data.
The Upstate figure was 1.8 points below the statewide consumer-sentiment level of 78.7, which was up 1.5 points from April, SRI said.
New York’s consumer-sentiment index was 5.4 points lower than the figure for the entire nation of 84.1, which was down 0.4 points from May, as measured by the University of Michigan’s consumer-sentiment index.
National confidence slowed this month but consumers in New York took another “sure- footed step” up the staircase of economic recovery, Dr. Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI Founding Director, said in a news release.
“The overall index as well as both the current and future outlooks were up over the breakeven point indicating more optimism than pessimism for the second straight month. In fact, each index is up between 23 and 27 points compared to this time in 2008,” Lonnstrom said.
In SRI’s monthly analysis of gas and food prices, 68 percent of upstate respondents said the price of gas was having a serious impact on their monthly budgets, which is down from 69 percent in May and unchanged from the 68 percent figure in April.
In addition, 56 percent of statewide respondents indicated concern about the price of gas, down from 57 percent in May, according to SRI.
When asked about food prices, 69 percent of Upstate respondents indicated the price of groceries was having a serious impact on their finances, down from 71 percent in May. About 67 percent of statewide respondents expressed concern about their food bills, down from 68 percent in May.
SRI conducted its consumer-sentiment survey in May by random telephone calls to 800 New York residents over the age of 18.
