Metro area consumer confidence hits new high, poll finds
In the latest poll, a higher percentage of metro area residents said they're concerned about gasoline prices. Credit: Newsday/Alejandra Villa Loarca
Consumer confidence in the New York area hit a new high in December, according to a survey released Tuesday.
The Siena College Research Institute reported its Index of Consumer Sentiment was at 97.6 points last month for Long Island, New York City and its northern suburbs.
The new level surpasses a 10-year high set in September, when the index was at 94.8 points. A year ago the index was 93.5.
Index 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.
“Despite stock market volatility, consumer sentiment among New Yorkers remains robust,” said Don Levy, director of the Siena polling institute. The index is "displaying far more optimism than pessimisim," he said.
In the metro area 42 percent of residents surveyed said gasoline prices were either a very or somewhat serious problem last month, up from 33 percent in September. A year ago 32 percent of residents were concerned about pump prices.
In terms of food prices, 42 percent said they were either a very serious or somewhat serious problem last month, down from 51 percent in September. A year ago 60 percent of residents expressed concern.
Retailers and economists closely follow confidence indexes because consumer spending accounts for about 70 percent of economic activity.
Siena, based in upstate Loudonville, near Albany, polled 906 adults in New York State between Dec. 2 and 6. The margin of error is plus or minus 3.4 percentage points.
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.
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