Consumer Confidence Falls In New York, Nationwide
Loudonville, NY (WIBX) – The holidays weren’t so happy according to the Siena Research Institute, as consumer confidence fell both statewide and nationally.
New York’s confidence fell by more than 2 points to 77.3, while the nation’s toppled nearly 10 and fell below the breakeven point of 75, where optimism equals pessimism. Still, state confidence is ten points higher than it was at the close of 2011.
The only group to see any improvement in their mood during December were Republicans, who saw a small jump in their confidence, though their current outlook is more than five points below the breakeven level.
Buying plans were also down for all major purchases, including cars, furniture, computers and homes.
Upstate New Yorkers continue to be among the most apprehensive about the economy, with about two thirds of those polled saying they are concerned about the cost of gas or food.
The drops follow on the heels of a strong November showing, where buying plans and consumer confidence were each at five year highs. According to the polling agency, this month’s drop was mainly impacted by the hectic holiday season and the recurring debate regarding the fiscal cliff.
Still, most consumers within the state are optimistic toward the economy’s future, with only older people (73.0), Upstate New Yorkers (68.6) and Republicans (54.8) wary.