Consumer Confidence Ticks Upward In July
Loudonville, NY (WIBX) – It was another roller coaster month for consumer confidence that left experts shaking their heads, and confidence levels near last month’s totals.
New York’s consumer confidence rose .9 points, while the nation’s fell the same amount. The increase moves the state over the breakeven point.
Douglas Lonnstrom, with the Siena Research Institute, says two groups may be behind the slight uptick.
“The Democrats right now are feeling very, very confident about New York,” Lonnstrom said. “Their confidence really shot up during the month – they shot up about three points – while Republicans went down about eight points. That’s an eleven point swing. Also, women in New York, their confidence was up during the month. So, I think those two things had fairly big swings, and I think that’s what bring us up.”
Buying plans were also up for large items, including computers, furniture and home improvements. But, home purchases and car/truck buying plans were down.
Lonnstrom says New York’s current confidence numbers may decrease, though, due to this summer’s drought-like conditions and the eventual rise in food prices.