While still well below its pre-pandemic high, consumer sentiment is continuing to recover, and New Yorkers appear particularly optimistic, as plans to purchase homes skyrocket.
The New York State Index of Consumer Sentiment in the third quarter of 2020 stands at 74.4 up 3.4 points from the last measurement in the second quarter of 2020, according to the latest poll by the Siena College Research Institute.
And while New York’s overall Index of Consumer Sentiment is 6 points below the nation’s Index of 80.4 all three indexes for New York improved this quarter and are approaching, or in the case of the future index has exceeded, their breakeven points at which optimism and pessimism balance.
The national indexes all rose and each remains above the breakeven point.
“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,” Siena College professor of statistics and finance and SCRI Founding Director Dr. Doug Lonnstrom said in a news release. “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. Driven by New York City residents, plans to purchase a new home hit an all time high at nearly 13 percent overall and almost 17 percent among NYC’ers.”