Poll: LIers less pessimistic about their financial future than in 2021

Long Islanders are less concerned, though certainly not worry-free, about their immediate financial future than they were in late 2021, according to a new poll.

The Siena College Research Institute reported its Index of Consumer Sentiment was 67.1 points last month for Nassau and Suffolk counties. That’s up from 62.2 in November 2021.

The index climbed steadily in the last three quarters of 2022 from a low point of 59.9 points in March — but remains below the break-even mark of 76. That means the number of Long Islanders who are pessimistic about their financial outlook is still larger than the number who are optimistic, according to Siena pollster Don Levy.

“Lingering inflation, food prices and political uncertainty may explain [why the sentiment index is lower] than the pre-pandemic level,” he said on Wednesday.

The local index also remains below that for the metropolitan area, which was 76.6 points last month.

Retailers and economists closely follow consumer confidence indexes because they indicate people’s willingness to open their wallets. Consumer spending accounts for about 70% of economic activity on Long Island and in the state and nation.

The latest index reading is derived from Siena’s Dec. 12-13 survey of 103 Island residents.

Concern over the cost of groceries remains top of mind: 71.6% of the people in Nassau and Suffolk said food prices were either a very serious or somewhat serious problem last month. That’s unchanged from early September.

On gasoline prices, 62% of Long Islanders said they were either a very serious or a somewhat serious problem last month, a dip from 64% in early September.

The poll’s margin of error is plus or minus 10.2 percentage points for the Long Island sample and 3.6 points overall. The survey consists of 802 respondents from across New York State.

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.