LOUDONVILLE – New York State consumer confidence decreased 3.3 points in June, while the nation’s confidence increased 2.1 points, according to the latest poll by the Siena (College) Research Institute). At 64.3, New York’s overall consumer confidence is 6.5 points below the nation’s 70.8 confidence level.

In June, buying plans were up for: computers, 2.8 points to 13.3 percent; homes, 1.3 points to 4.3 percent; and major home improvements, 1.1 points to 14.9 percent.  Buying plans were down for: cars/trucks, 1.6 points to 9.4 percent; and furniture, 2.6 points to 15.3 percent. 

“New Yorkers in part due to increasing gasoline prices put the brakes on last month’s confidence rally,” according to Dr. Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI Founding Director.  “Overall confidence fell this month across every demographic group.  While Democrats, New York City residents and young people are more optimistic than others, a majority of all residents still say they are slipping economically.  An even larger majority do not expect the next twelve months to see state economic conditions improve.  Despite retailers’ best efforts, New Yorkers are hesitant to endorse spending over saving, and compared to this time two years ago, their own plans to make major purchases on cars, computers, furniture, homes and improvements are down by 17 percent to 34 percent.” 

Fifty-four percent of all New Yorkers say that current gasoline prices are having a very serious or somewhat serious impact on their financial condition, up eight points from last month.  Sixty-three 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-two percent of state residents say that both gasoline and food prices are having either a somewhat or very serious impact on their finances down from a high of 71 percent in July.