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Metro area consumer confidence falls on economic worries
Consumer confidence in the New York metropolitan area fell this past month compared with March, despite record gains on Wall Street.
The Siena College Research Institute reported Thursday its confidence index for Long Island, New York City and its northern suburbs was 77.5 points in April, down 2.4 from the previous month.
Still, the index remained above 76.1 points, indicating the number of residents who are optimistic about their financial well being surpasses those who are pessimistic.
Siena pollster Douglas Lonnstrom blamed the weakening on worries about jobs and the U.S. economy. "Overall, the [stock] market gains do not translate into growing confidence among consumers as worries over job security and our economic future does not brighten," he said.
Food prices continue to worry many.
Some 69 percent of respondents in the metropolitan area told Siena last month that grocery prices were either a somewhat or very serious problem. That's 3 percentage points higher than in March.
Siena reported that concern about gasoline prices dropped to 53 percent in April from March's 54 percent.