Stock, home prices send metro consumer confidence up

Consumer confidence in the metropolitan area rose last month compared with April as residents were buoyed by higher prices for stocks and homes.

The Siena College Research Institute Wednesday reported its confidence index for Long Island, New York City and its northern suburbs was 79.3 points in May, up 1.8 from the previous month.

Readings above 76 points indicate the number of people who are optimistic about their financial well being exceeds those who are pessimistic.

Siena pollster Douglas Lonnstrom said the index was higher in May "due in part to highflying stock prices, increasing housing values and rising job security."

However, Lonnstrom said residents statewide remained cautious last month about large purchases.

Fewer people told Siena that they planned to buy a home, automobile or computer in the next six months than said so a year ago.

He said concerns about the cost of gasoline and groceries moderated in May in the metropolitan area compared with a month earlier.