New Yorker's Spending Confidence is Down, Still Above National Average
New Yorker's confidence in the economy is down from where it stood in the second quarter of this year but remains almost three points above the national average.
According to a recent Siena College Research Institute (SCRI) survey, the New York State Index of Consumer Sentiment stands at 70.5, down three points from the last measurement in the second quarter of 2023. However, New York’s overall Index of Consumer Sentiment is 2.4 points above the national index of 68.1, despite a 3.7% national increase.
"Overall confidence remains higher in New York than across the nation. Future confidence in New York is now two points below the breakeven point of balanced optimism and pessimism but 7.0 points higher than national future confidence," according to the poll released earlier this month.
In the third quarter of 2023, across all categories of buying, the number of those planning to spend money on things was down across the board for items such as; homes down to 7.3% (from 12.6%), vehicles down to 20.2% (from 27.4%), furniture down to 24.5% (from 30.2%), and for major home improvements down to 23.0% (from 26.2%).