Consumers gloomiest in years

Consumer confidence in New York State fell last month to its lowest point in 2 1/2 years, but the number of people planning big-ticket purchases increased, according to a poll.

The Siena College Research Institute reported this week month-over-month declines for August in an index of attitudes about the economy, both statewide and among residents living on Long Island, in New York City and its northern suburbs.

The statewide figure was the gloomiest since February 2009.

Pollster Douglas Lonnstrom said residents are worried about their economic well-being because of high unemployment and roiling stock markets. While consumers are less glum in New York than nationally, he warned the state "is approaching the panic numbers we registered during the recession" of 2007-09.

In the metropolitan area, people were more pessimistic in August about current economic conditions than people nationwide. However, they were far more optimistic about the future than the country as a whole, following a trend seen in past months.

"We are more hopeful as our outlook rises to simply pessimistic," Lonnstrom said. "Still, despite the needle of sentiment pointing towards a double-dip recession, we may dodge that hurricane given an uptick in buying plans."

Residents statewide, when asked about big-ticket purchases in the next six months, were more likely than in August 2010 to buy a home, automobile, furniture or computer. They were less likely to undertake a large home-improvement project.

The number of people saying they planned to buy a house was the highest in four years.

Asked about the bullish purchasing plans amid economic concerns, Lonnstrom said, "There is pent-up demand. People put off buying things because of the recession, but you can only do that for so long."

He also said low interest rates and sale prices would probably spur residents to open their wallets again and prevent another recession.

Consumer spending accounts for about 70 percent of U.S. economic activity.

"People who have money are willing to start spending," he added.

The poll of 803 state residents older than 18 was conducted by telephone last month, before Tropical Storm Irene. The margin of error was plus or minus 3.5 percentage points.

Outside the Stop & Shop grocery store in Oceanside on Friday, teacher Maria Rizzo said she was mulling whether to buy a new car before the onset of winter.

"I'd like to replace my 1999 Camry with a new one," said the 37-year-old resident of Island Park. "I figure the price tag will be better now than next year."

Making big-ticket purchases

High unemployment, roiling stock markets and worries about another recession don't appear to have dampened New York State residents' plans for big-ticket purchases. The percentage saying last month they intended to buy in the next six months:

CAR OR TRUCK 9.5 percent, up 2.5 percent from August 2010

COMPUTER 13.3 percent, up 2.3 percent from August 2010

FURNITURE 16.8 percent, up 1.5 percent from August 2010

HOME 4.9 percent, up 2.9 percent from August 2010

HOME IMPROVEMENT 13.3 percent, down 0.5 percent from August 2010

SOURCE: Siena College Research Institute