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Business

Metro area consumer confidence dips after turbulent election

President-elect Donald Trump is introduced during a rally

President-elect Donald Trump is introduced during a rally in Fayetteville, N.C., Tuesday, Dec. 6, 2016. Photo Credit: AP / Gerry Broome

Consumer confidence in the metropolitan region dipped last month from a 9 1/2 year high in September after a turbulent U.S. presidential election, according to a recent survey.

The Siena College Research Institute said Tuesday that its Index of Consumer Sentiment was 89.5 points last month for Long Island, New York City and its northern suburbs, as Republicans rejoiced in the election of President-elect Donald Trump, a Republican, and Democrats were depressed.

“The real story is with Donald Trump winning the White House, Republicans and Democrats are moving in opposite economic directions,” said Siena pollster Donald Lonnstrom.

The index was 91.1 points in September. A year ago, in December 2015, the index was 89.3.

Index readings above 76 points indicate the number of people who are optimistic about their financial future is larger than the number of people who are pessimistic.

Metropolitan area residents were slightly less concerned about the cost of gasoline and groceries last month compared with September.

Twenty-seven percent of residents said last month that gas prices were either a somewhat or very serious problem. Sixty percent said food prices were a problem.

Siena surveyed 800 adults in New York State between Nov. 7 and Nov. 21. The margin of error was plus or minus 4 percentage points.

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