Latest Siena Consumer Sentiment Poll Presents Mixed Picture
A new survey on what New York consumers think about their finances shows some positives. Although the Siena College survey on consumer sentiment fell a bit in September, Professor Douglas Lonnstrom says in terms of major purchases, a number of state residents did indicate they are interested in buying a home.
Plans for buying some other expensive items, such as vehicles and furniture dropped from the previous survey. Lonnstrom says lower gas prices have helped improve consumer sentiment in some areas.
"Gas prices are low, we're now down to only 35 percent of the people feel gas prices are hurting the family budget . I think the thing that's holding us back is the dismal world news every night people seeing on TV, the refugees, and Hungary, and it's just wearing people out and then of course the stock market certainly had a bad August."
Lonnstrom also says there's a big division in consumer sentiment between upstate and downstate New York. He says downstaters are more optimistic about the economy, which Lonnstrom says may be due in part to better paying jobs in the financial services industry.