NY-area consumer confidence slips in March due to severe winter
New York State Department of Transportation trucks clear the Long Island Expressway west of the Rte. 25 overpass. (Feb. 10, 2013) Credit: John Roca
Consumer confidence in the metropolitan area slipped last month because of severe winter weather and rising gasoline prices.
The Siena College Research Institute on Wednesday reported its consumer confidence index for Long Island, New York City and its northern suburbs was 77.5 points in March, down 0.1 from the previous month.
Index readings above 76 points indicate more people are optimistic about their immediate financial future than those who are pessimistic.
"Consumer sentiment fell for the second consecutive month .?.?. as residents endured storms, cold temperatures and those heating bills," said Siena pollster Douglas Lonnstrom.
The cost of gasoline weighed on many consumers last month. Fifty-three percent of the metro area residents surveyed by Siena said pump prices were either a significant or a very significant problem. That's an increase of seven percentage points from February.
The number of residents concerned about food prices climbed four percentage points to 69 percent in March, month over month.
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