Metro consumer confidence up a tick

Consumer confidence for the metropolitan area edged up last month as residents worried less about the cost of food.

The Siena College Research Institute's monthly consumer confidence index reported that confidence for the New York metropolitan area -- which includes New York City, its northern suburbs and Long Island -- increased to 78.4 points in August, a 0.7 point gain since July.

A reading above 75 points means that optimistic consumers outnumber pessimistic ones.

Of the individuals surveyed, 63 percent said they considered the cost of food a somewhat or very serious problem, a 5 percent drop from July.

Although the metro area saw a small gain in confidence, the index for New York State dropped 1.5 points to 73.9 last month.

Worries about gasoline continued as more metro area residents said they thought prices were a somewhat or very serious problem in August compared to July.

However, consumers still expressed plans to buy new cars, as buying plans for cars and trucks went up 0.7 percent. Buying plans for computers also saw a rise of about 2 percent.

Doug Lonnstrom, professor of statistics and finance at Siena College, said that while August's numbers show a slight increase in confidence in the metro area and a slight decrease in confidence statewide, numbers throughout 2012 have remained relatively stable.

"If we look at the entire year, they have basically for the whole year stayed between 74 and 76, a three-point range," Lonnstrom said. "Nothing has happened this year to cause consumer confidence to go up or down; we've just been drifting the whole year."

He added however, that the state was doing better than in previous years, and that this year's steady rate almost has New York back to the pre-recession confidence index number of 80 in August 2007.

Jerry Packer, a retiree from Mount Sinai, said he felt the economy was rebounding on the Island.

"I am very much more confident than I was last month about the economy. There are many signs," he said. "For example, just drive past a Walmart on any given day and the parking areas are always crowded. In addition, the stock market has substantially improved over the last six months."

The New York metro area's consumer confidence rating topped consumer confidence nationally, which was 74.3 in August, up 2 points from July.