Consumer Confidence Dips In April, Future Outlook Remains Positive
Loudonville, NY (WIBX) - Consumer confidence in New York fell nearly two points in April, though nationwide confidence increased slightly.
According to the Siena Research Institute, high gas and and food prices hurt confidence this month, dropping it 1.7 points, to 74.6, and just below the breakeven level of 75. But, respondents still believe the future will be better.
Buying plans were up for several big ticket items, including homes, cars and furniture. Douglas Lonnstrom, founding director of the group, says the increases may be a sign of economic rejuvenation.
"We look at buying plans, we do major items." Lonnstrom said. "Cars and homes are up substantially in April, percentage wise. You're never going to get millions of people saying they're going to buy a house in the next six months, but overall, it's up about 20 percent from the month before. So, there are good signs."
Lonnstrom also says consumer confidence is fragile. If gas prices remain high and the job market struggles, any positive numbers may reverse themselves.
In New York, positive and negative results have been split based on political affiliation, age and gender. Among the most positive respondents were Democrats, NYC residents and men, while women, those living Upstate and Republicans failed to see the economic glass as half full.
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