State Bucks February National Trend
According to a poll from the Siena Research Institute, consumer confidence rose 0.4 of a point last month. However, this was due to increased consumer confidence in New York City; Upstate confidence actually dropped 4.9 points.
Buying plans were up for automobiles but the poll continued to show a slump in the housing market.
“We have a strange set of numbers for February: New York State inched up due to the New York City area, while upstate and the rest of the nation took a hit,” said Dr. Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI Director. "These figures do not reflect the stock market drop last week. New York City now has its highest confidence since before 9/11. On the other hand, buying plans for homes, home improvements and furniture are all down, mirroring the decline in the housing market.”
At 89.9, New York State’s overall consumer confidence is only 1.4 points below the nation’s 91.3 confidence level.
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