People's pessimism about their financial future is at December levels, poll finds

Consumer confidence in the metropolitan area fell last month to its lowest level in nearly a year on fears about inflation and the prolonged pandemic, officials said.

The number of residents who are pessimistic about their immediate financial future increased between June and September, according to polls by the Siena College Research Institute.

The institute said its Index of Consumer Sentiment was 77.2 points in September for Long Island, New York City and its northern suburbs. That’s where the index stood in December and down from June’s reading of 87.9.

Still, the September reading was above the break-even mark of 76 points, which means the number of residents who are optimistic about their future is larger than the number who are pessimistic.

"A lingering pandemic, inflation, supply chain concerns and little good news out of Washington pulled the plug on consumer sentiment as summer turned to fall," said Siena pollster Douglas Lonnstrom.

"And as gasoline prices left $3 in the rearview mirror, over half of New Yorkers are again sighing at the pump and, worse yet, food prices have two-thirds … crying at the grocery checkout lines," he said this week.

In the metropolitan area, 51% of residents said gasoline prices were either a very serious or somewhat serious problem in September, the same as in June. In June 2020, 29% of residents were worried about pump prices.

Separately, AAA reported the average price of a gallon of regular gasoline on Friday was $3.36 on Long Island. That’s an increase of 6 cents from a week ago and 8 cents higher than a month ago. A gallon of regular cost $2.18 a year ago.

Siena also found heightened concern about food prices. In the metro area, 65% of residents said the cost of food was either a very serious or somewhat serious problem in September, up from 62% in June. In September 2020, 60% of residents were worried about food prices.

Retailers and economists closely follow Siena’s consumer sentiment index because optimistic consumers are more likely to make purchases and consumer spending accounts for 70% of all economic activity.

Siena, based in Loudonville, near Albany, polled 797 adults in New York State on Sept. 29-Oct. 7. The margin of error is plus or minus 3.8 percentage points.

By James T. Madore

james.madore@newsday.comJamesTMadore

James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.