LI consumer confidence up at end of 2012

Consumer confidence on Long Island rose slightly in the October-December period compared with the summer, despite the devastation wrought by superstorm Sandy.

The Siena College Research Institute today reported its confidence index for Nassau and Suffolk counties in the final three months of 2012 was 73.6 points, up 3.4 from the July-September period.

The local index was 62.8 points in the final quarter of 2011.

The latest reading, 73.6, is the highest for the Island since Siena began surveying residents in late 2008.

Readings above 76 indicate the number of residents who are optimistic about their immediate financial future exceed those who are pessimistic.

Consumer confidence is closely followed by retailers because it's an indication of a willingness to spend. Consumer spending accounts for about 70 percent of all economic activity.

Siena found the number of Long Islanders planning in the next six months to purchase an automobile, home, furniture, computer or start a major home improvement project had increased from the summer.

From left, Nikita Khosla, 14, of East Meadow, Ishita Khosla, 18, of New Delhi, Vicky Singh and Kaveen Singh, both of Potomac, Md., shop at the Roosevelt Field Shopping Center during Black Friday. (Nov. 23, 2012)