New Yorkers are feeling a little better about our economy, according to a Siena Institute Consumer Sentiment Survey released Monday.
Siena polling director Dr. Don Levy offered the headline, "Right now, people are feeling good and they are thinking that now's a good time to go out there and buy those big ticket items."
He says the polling, conducted in late November and early December, shows strong, but not robust consumer sentiment, fueled by lower gas prices. Levy says Siena researchers found having a little more money in our pocket leads many of us to consider bigger-ticket purchases such as furniture. Levy reports it's at levels not seen in 14 years.
"We've seen an increase in the percentage of people who think that somehow, some way they will be better off. That's gone from about 28% to about 34%, so it's up, but it just doesn't blow you out of the water."
Levy adds that about as many New Yorkers think things will improve as those that think the opposite. He found Republicans admitted they have a much more optimistic appraisal of their current economic situation than they had expressed previously.
"Republicans are up sharply, still Democrats across the state are more optimistic but the Republicans have closed the gap. That might be much more of an indication of national news than it is of local news,” said Levy.
According to the new survey, consumer sentiment improved nearly three points from a September survey, but is still about 7 points below the latest national figure. But Levy told WXXI there is growing optimism.
"When we ask people to think about the conditions that they see across the economy; their friends, their neighbors, what they read about on the news, certainly that long term view is better than it was several years ago, but it remains quite guarded."
Levy says the survey shows we don't see an economy that's poised to lift all boats, as he put it. He says many of us think that we have figured out how to do okay, but we're still waiting for encouraging signs for the overall economy.
"Close to 40% of us think that it's gonna be better next year, it's gonna be better in five years. We'd love to live in an economic environment in which that number moves from 40% thinking the future's gonna be better, to well over 50, if not approaching 60 or 70 percent."
"Intent to buy furniture amongst New Yorkers in the next six months is the highest that we have seen in 14 years, so 28% of us say that we're gonna go out and buy that furniture that perhaps we've been putting off for a long time."
Levy says they'll follow the Governor's State of the State Address to see if any of his proposals spark change in any of the responses.
