NY metro area consumer confidence falls in July

Consumer confidence in the New York metropolitan area dropped in July on worries about high gasoline prices and job security.

The Siena College Research Institute Wednesday reported that its consumer confidence index for Long Island, New York City and its northern suburbs fell 2.1 points to 77.5 last month compared with June.

However, the area index remained above 76 points, indicating the number of people who are optimistic about their immediate financial future surpasses those who are pessimistic.
Siena pollster Douglas Lonnstrom said "persistent slow job growth and economic uncertainty remain the culprits" behind the drop in confidence.

Retailers closely follow consumer confidence because it can shed light on spending. Consumer expenditures account for about 70 percent of economic activity in the metropolitan area and across the country.

More metro-area residents told Siena last month than a year ago that they plan to purchase a home, car or furniture between now and January. Fewer planned to start a major home improvement project.