Poll: LIers upbeat about economic future
People make their way past stores along Main Street in Huntington. (April 6, 2011) Credit: Newsday/Thomas A. Ferrara
Long Islanders were more upbeat about their economic future in the first quarter than at any time in more than two years, according to a poll released Wednesday.
The Siena College Research Institute found consumer confidence in Nassau and Suffolk counties during the January-March period was at its highest since surveying began in late 2008. The region and state have slowly begun to emerge from the national recession that spanned 18 months ending in June 2009.
Only New York City residents were more optimistic about overall economic conditions in the survey than Long Islanders. People living upstate were glum.
"We are now leaning towards a tale of two states," said Douglas Lonnstrom, a finance professor and institute founder. The metropolitan area saw a sharp increase from late last year in confidence, separating itself "from the black economic cloud that simply won't vacate the rest of the state."
Among the nine regions surveyed, Long Islanders were the most optimistic about current economic conditions and placed second behind New York City residents in terms of future conditions.
Still, the growing confidence doesn't appear to translate into more shopping. The number of Long Islanders planning to purchase an automobile, computer or home all fell from late last year. There was a slight uptick in those expecting to buy furniture and a sizable increase for those planning a home-improvement project.
Lonnstrom said there was "a reluctance to buy big-ticket items with only major home improvements keeping the spending door slightly ajar . . . This shows that people are confident but not real confident."
Retailers closely watch consumer confidence numbers because they often indicate the willingness of shoppers to open their wallets.
Aboard a Long Island Rail Road train from Long Beach to Manhattan Wednesday, some commuters expressed cautious optimism about their personal finances while others were worried about bill paying because of the increased cost of gasoline and groceries.
"My son just got a job and will be moving out of the basement, so things are looking up," said Elizabeth O'Hara, 55, an office worker from Oceanside. "I feel pretty good. . . . I think the bad times may finally be coming to an end."
Michael Weiss was less certain, saying his electrician's pay cannot keep up with rising food prices. "Have you been to the grocery store lately? They [prices] are unreal," said Weiss, 23, of Valley Stream. "I'm definitely eating less."
