New Yorkers are generally more pessimistic about their personal finances. That’s the upshot of a poll released Monday by the Siena College Research Institute.
It shows that the New York State Index of Consumer Sentiment fell 3 three points to 70.5 in the 3rd quarter compared to the 2nd quarter.
But that was still two points higher than the national index.
Institute Director Don Levy said that inflation is likely a big factor in these numbers, particularly when New Yorkers head to the supermarket.
“Almost 80% of New Yorkers say that the cost of food is having a serious negative impact on their finances,” Levy noted, “so that's been lingering. And you add to that, there's growing sentiment, that it's just not a time to make a purchase. So it does look like inflation continues to have a dramatic toll.”
The latest Siena poll also shows that fewer New Yorkers are planning to buy expensive items like cars, furniture and appliances compared to the previous quarterly survey.
Levy said this latest survey also showed that “pluralities of New Yorkers say they are worse off financially, than they were a year ago,” and that they expect bad, rather than good business conditions over the next year.
And Levy said with current national and global events, it could continue to put New Yorkers in a negative economic mood when the next Siena survey on consumer sentiment is released.
“The survey was taken before the turmoil in the House of Representatives. And before, of course, the events in the Middle East over this weekend,” said Levy, “so we may see an even further erosion, as this next quarter takes place in this current troubling rate of consumer sentiment."
