New York state residents are feeling more confident in the economy than they were last quarter, according to a new Siena College poll that was released Wednesday.
The poll shows that the NYS Index of Consumer Sentiment is up 3.4 points in the third quarter of the year and eight points overall from its lowest point of the year. However, the state’s index rating of 74.4 still sits six points behind the nation’s overall index and 20 points lower than it was before coronavirus hit.
“While still down nearly 20 points from pre-pandemic levels, the index of consumer sentiment improved this quarter, and now stands just below the balancing point of optimism and pessimism,” according to Dr. Doug Lonnstrom, professor of statistics and finance at Siena College and SCRI Founding Director “The future index, a measure of confidence both personal and collective, is up over five points overall and between 8 and 10 points among Republicans, Upstaters and young people.”
In the third quarter of the year, all buying plans were up as opposed to where they were in the second quarter. Major increases came in the number of people looking to buy a home, which increased from 8.7% to 12.6% over the most recent quarter.
Siena Poll: Consumer Sentiment Continues to Recover; Up 8 Points from March Low, Still Nearly 20 Points Below Pre-Pandemic High https://t.co/ikONl2LB8d
— SienaResearch (@SienaResearch) October 7, 2020
Thirty percent of residents said the current gas prices are having a somewhat serious or very serious impact on their financial situation. Nearly 60% of those polled said the amount of money spent on groceries is having a serious of somewhat serious impact on their finances as well.
The poll was conducted from August 20 through September 29 by random calls to 402 New York residents. To view the full results of the poll, click here.