NY Consumer Confidence Rises Again, Hits Highest Levels Since ’07
Loudonville, NY (WIBX) - New Yorkers continue to feel better about the economy, even in the face of the looming fiscal cliff and the aftereffects of Hurricane Sandy.
According to the Siena Research Institute, during November the state's confidence rose three points to 78.4, while nationwide confidence rose nearly the same amount, to 90.7.
Upstate New York contributed to the surprising upward shift, rising 3.8 points, to 77.7 and above the break even point where optimism equals pessimism.
Douglass Lonnstrom, SRI's founding director, says the strong month pushed state confidence to its highest levels in five years.
"I certainly thought these figures would be down... they're up," Lonnstrom said. "Unless something happens, and again, we've got this bargaining going on between President Obama and the House. If they reach a compromise in December, I think you could see consumer confidence shoot up dramatically."
Lonnstrom says buying plans were also up in all five categories, including cars, computers, furniture, homes and home improvements.
"Computer buying plans are the highest they've been since 2004, cars and furniture are they highest they've been since 2007," Lonnstrom said. "So, going back five, six, seven years, we're now at peaks. We did have higher peaks earlier in the early 2000s and so on, but these are numbers right near the very top."
At the same time, gas and food concerns were down across the state with only 45 percent of those polled calling it a serious problem.