ALBANY — Consumer confidence among upstate New Yorkers edged up slightly in September for the third straight month. But upstate residents remain wary of high food and gas costs.
In a poll released Friday, the Siena Research Institute reported that overall consumer confidence in upstate New York reached 52.0 last month, a modest gain from 51.9 in August, but well below the 75.4 index for September 2007.
Despite modest monthly upticks that began in June, upstaters' confidence continues to lag far behind that of metropolitan New York City, the state and the nation. Metro residents registered a confidence index of 58.1 in September, down from 61.1 in August and 73.8 in September 2007.
Statewide consumer confidence came in at 56.3, down from 58.2 in August and from 74.4 in September of last year. Nationally, consumer confidence jumped to 70.3, up sharply from 63.0 in August, but below the 83.4 registered in September 2007.
But, the small local and large national increases could be short-lived.
"Nationally, September's numbers rebounded, but here at home New Yorkers failed to muster any sort of rally," said Douglas Lonnstrom, SRI's founding director. "And, really, it is far more alarming. We're down and falling behind national confidence, and most of these interviews were conducted before the end of September financial crisis. With Wall Street reeling, Main Street bracing and kitchen tables dreading red 401(k) statements, next month's numbers will likely be lower."
While gasoline prices have ebbed from historic highs in recent months, upstaters remain worried about the high costs of both fuel and food. Upstaters were split on whether gasoline prices are having a "very" or "somewhat" serious effect on their personal finances, as 37 percent said "yes" to each category. Statewide, the numbers were 33 percent for each.
Regarding higher food costs, 31 percent of upstaters described the effect on their pocketbooks as "very serious," while 44 percent said "somewhat serious." Statewide, the numbers were 32 percent and 41 percent, respectively.
Most New Yorkers plan to keep their wallets and purses closed during the next six months, as large majorities have no plans to purchase vehicles (88.5 percent), computers (83.6 percent), furniture (80.9 percent) or houses (94.1 percent) or make major home improvements (79.3 percent). This means the state economy likely will remain stagnant in the near term. Breakout numbers for upstate were unavailable.
