LI consumer confidence dips in third quarter

Consumer confidence on Long Island dipped during the summer but remains near the record high recorded last spring.

The Siena College Research Institute Wednesday said its confidence index for the July-September period was 70.2 points, off 3.3 from the spring.

The local index was 61.8 points a year ago. Readings below 76 indicate the number of people who are pessimistic about their economic well-being is greater then those who are optimistic.

Siena pollster Douglas Lonnstrom said the quarterly confidence measure for Nassau and Suffolk counties was influenced by consumer doubt in July and August and bullishness in September. The institute’s monthly confidence index for the metropolitan area, which includes the Island, hit a five-year high of 82.5 points in September.

Retailers follow consumer confidence indexes because they indicate the willingness of shoppers to open their wallets. Based on Wednesday’s reading, Lonnstrom predicted a pickup in holiday sales.