Consumer confidence in metro area down compared to year earlier, survey says

Consumer confidence in the metropolitan area was down in November compared with a year earlier, according to a survey released Tuesday.

The Siena College Research Institute reported its Index of Consumer Sentiment was at 93.3 points in November for Long Island, New York City and its northern suburbs. In December 2018, the index stood at a 10-year record high of 97.6.

Consumer sentiment readings above 76 points indicate that the number of residents who are optimistic about their immediate financial future is larger than the number who are pessimistic.

In the metro area, 58% of residents said food prices were either a very serious or somewhat serious problem in November, down from 62% in September. In December 2018, 42% of residents expressed concern.

In terms of gasoline prices, 39% of residents surveyed in November said they were either a very or somewhat serious problem, unchanged from September. In December 2018, 42% of residents were worried about prices at the pump.

Retailers and economists closely follow confidence indexes because consumer spending accounts for about 70% of economic activity.

Siena, based in Loudonville, near Albany, polled 802 adults in New York State between Nov. 19 and 22. The margin of error is plus or minus 3.6 percentage points.

Siena pollster Don Levy said consumers in the metropolitan area and across New York State are optimistic compared with a decade ago when the recession was ending.

“The decade dawned with consumers pessimistic and reluctant to spend,” he said. "By the end of 2014, New Yorkers had crossed the break-even point and displayed growing optimism and now for the last three years, consumers have been strongly optimistic.”

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.