Poll: LIers more pessimistic about the future than others in the metro area

Long Island consumers are more pessimistic about their immediate financial future than consumers in the rest of the metropolitan area — and that may be because Republicans are in greater numbers here than in New York City and its northern suburbs, according to a poll released on Thursday.

The Siena College Research Institute reported its Index of Consumer Sentiment was 61.2 points last month in Nassau and Suffolk counties. That compares with 80 points in the metro area.

A reading below the break-even mark of 76 points means the number of residents who are pessimistic about their financial outlook is larger than the number who are optimistic, according to Siena pollster Don Levy.

Asked for the reasons why Long Islanders are so glum compared to their neighbors to the west and north, Levy said, “The difference may be a political viewpoint.”

Statewide, Republicans as a group are at 58.4 points in the consumer sentiment index and Democrats are at 90.5. “Given [Republicans’] meaningful presence on the Island, the political may be coloring the economic on Long Island,” he said.

The latest sentiment reading for Nassau and Suffolk is higher than March's 58 points but lower than June 2022's 61.8. Statewide, the index stood at 73.5 last month.

Retailers and economists closely follow consumer sentiment because it indicates consumers’ willingness to open their wallets. Consumer spending accounts for about 70% of economic activity on Long Island and in the state and nation.

The latest sentiment reading is derived from Siena’s June 4-12 survey of 802 residents, including 100 in Nassau and Suffolk.

The poll results also show that consumers in the metro area remain concerned about the cost of groceries and gasoline.

As for grocery prices, 80% said they were either a very serious or somewhat serious problem. That’s unchanged from a year earlier.

On gasoline prices, 62% said they were either a very serious or a somewhat serious problem. That compared with 67% in June 2022.

The poll’s margin of error is plus or minus 3.7 percentage points for the statewide sample.

By James T. Madore

james.madore@newsday.comJamesTMadore

James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.