Consumer Sentiment Rises In May In New York, Nationwide
Consumer sentiment is on the rise as more people are feeling better about the economy, according to the most recent Siena Research Institute poll.
New York's consumer sentiment rose more than three points, passing through the breakeven point where optimism equals pessimism. The jump has the state's current economic outlook sitting at its highest point in five years.Still, it pales in comparison to the eight point leap made nationwide.
Among those with the most confidence heading into June are Republicans and Upstaters, who rose 11 and six points, respectively.
Buying plans were down for the most part, with only major home improvements rising. Other buying plans, including cars, computers, furniture and homes fell.
SRI's founding director, Douglas Lonnstrom, says the gains are a sign that New Yorkers are more optimistic and are feeling better today than they have in a while.