The New York State Index of Consumer Sentiment increased 4.3 points in September, while the nation’s Index increased 4 points, according to the latest poll by the Siena (College) Research Institute.
At 78.2, New York’s overall Index of Consumer Sentiment is 0.1 points below the nation’s Index of 78.3, the group reported.
In September, buying plans were up for cars/trucks, 2.1 points to 13.1 and furniture, 3.0 points to 22.8 percent. Buying plans were down for computers, 1.6 points to 16 percent, homes, 0.2 points to 3.5 percent and major home improvements, 1.2 to 14 percent .
“Our Index of Consumer Sentiment reached a five-year high this month and rests encouragingly two points above the all-important break-even mark,” according to Dr. Doug Lonnstrom, professor of statistics and finance at Siena College and SRI Founding Director. “Nationally, future sentiment increased by over eight points while in New York consumers’ expectations rose by almost six and reached the highest level we’ve seen since March 2007.
“Today a five-point plurality of New Yorkers expect business conditions to improve over the coming year and twice as many residents think their personal situation will improve as anticipate declines. This is the most optimistic overall numbers we’ve seen in recent years.”
Each month since January 1999, the SRI survey establishes an Index for Consumer Sentiment for New York State consumers. This index allows a direct comparison of New Yorkers to all Americans as surveyed by the University of Michigan’s Index of Consumer Sentiment.
The SRI survey measures current and future consumer sentiment, which combined provides the overall consumer sentiment. SRI also looks at confidence in New York state by region (metro New York City and Upstate), age, income, gender and party.
“Buying plans are up for cars and trucks, and furniture. Furniture plans reached a five-year high while those for cars are just under that mark. More importantly, the rate at which consumers say they will acquire both items has hit the average intent to buy rate of five to six years ago, that until now bygone pre-recession era.
Nearly half of state residents say it’s a good time to buy things for their homes and a growing number appear ready to heed their own advice, according to the report.
“Concern over the impact gas and food prices are having on their budgets remains high across the state at over 60 percent for each. Overall gasoline worries have leveled but are more likely to effect Republicans, Upstaters and lower income residents. Food concerns, while high amidst the bacon scare, remain lower than they were at this point a year ago,” according to Dr. Lonnstrom.
The report said 61 of all New Yorkers say that current gasoline prices are having a very serious or somewhat serious impact on their financial condition. Sixty-five percent of state residents indicate that the amount of money they spend on groceries is having either a very serious or somewhat serious impact on their finances. Forty-nine percent of state residents say that both gasoline and food prices are having either a somewhat or very serious impact on their finances.
The SRI Index of Consumer Sentiment was conducted in September 2012 by random telephone calls to 800 New York State residents over the age of 18. As consumer sentiment is expressed as an index number developed after statistical calculations to a series of questions, “margin of error” does not apply. Buying plans, which are shown as a percentage based on answers to specific questions, do have a margin of error of + 3.5 points, according to Lonnstrom.