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New York state consumers lose confidence in economy

The economy added 192,000 jobs in February 2011,

The economy added 192,000 jobs in February 2011, with factories, professional and business services, education and health care among those expanding employment. Credit: AFP / Getty Images File, 2010

Consumer confidence in the state fell nearly 9 percent last month, a trend that’s contrary to a national movement toward greater confidence, a poll shows. 

The nation as a whole saw consumer confidence increase 3.3 percent to 77.5 percent, compared to New York state’s drop of 8.8 percent to 67.7 percent, the Siena Research Institute poll said. 

The national data were collected by the University of Michigan, which found that buying plans were up for computers, 0.6 points to 15.0 percent; and major home improvements, 1.0 points to 16.6 percent. Buying plans were down for cars and trucks by 1.0 points to 11.4 percent; and for homes, 0.5 points to 4.0 percent; furniture remained unchanged at 22.7%. 

“Unfortunately, as we warned a month ago, Mideast turmoil as well as U.S. budget battles punctured the confidence balloon New Yorkers floated in January,” Sienna’s Doug Lonnstrom, a professor of statistics and finance, said in the survey results.

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