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NY consumer sentiment recovers from October slide

LOUDONVILLE - The New York State Index of Consumer Sentiment increased 3.7 points in  November, while the nation’s Index increased 1.9 points, according to the latest poll by the Siena College Research Institute (SRI). At 73.3, New York’s overall Index of Consumer Sentiment is 1.8 points below the nation’s* Index of 75.1.

“Sentiment recovered this month after the government shutdown frightened consumers in October,” according to Dr. Doug Lonnstrom, professor of statistics and finance at Siena College and SRI Founding Director. “

Overall confidence is up almost four points with both Republicans and Democrats as well as women and New York City residents up most strongly. Driving the rise is an increase across the board in optimism in the future. Still, while optimism is up, the future index remains below the breakeven point and only one in four residents expect to be personally better off financially this time next year.“

New Yorkers are nearly evenly divided on the question of whether 2014 will yield good or bad business conditions. While this forecast is tepid, it is an improvement over last month when by 45 to 31 percent, they expected a bad year. Still, when the five year window is plugged into the crystal ball, a plurality of consumers continue to project tough times through 2018.”