Confidence among upstate consumers rebounded in July, a monthly survey by the Siena Research Institute shows.
Overall confidence—which includes current and future confidence—rose to 71.3 last month from 69.2 in June and 58.1 a year ago. Current confidence was 76.2, compared with 74.3 in June and 67.5 in July 2011. Future confidence skyrocketed to 79.8 in July from 65.9 in June and 52.1 a year ago.
Statewide, overall confidence improved to 75.4 in July from 74.5 in June and 63 a year ago. Current confidence was 75 last month, up from 73.5 in June and 64.8 in July 2011. Future confidence was 75.7, compared with 75.2 in June and 61.8 a year ago.
Nationally, overall consumer confidence fell to 72.3 last month from 73.2 in June, but was up slightly from 63.7 in July 2011. Current confidence was 82.7, compared with 81.5 in June and 75.8 a year ago. Future confidence was 65.6, down from 67.8 in June, but up from 56 a year ago.
Democrats continued to report the highest confidence in July, while Republicans reported the lowest.
“Statewide confidence inched upward in July, while the nation’s willingness to spend moved equally in the opposite direction,” SRI founding director Douglas Lonnstrom said. “More than any other characteristic, party ID is today the most predictive scope New Yorkers are using to survey the economy.”
Some 59 percent of upstate consumers said gas prices are having a very serious or somewhat serious impact on their financial condition, down from 63 percent in June. Some 68 percent said food prices were having a serious impact on their finances, compared with 69 percent the previous month.
Buying plans were up for all major categories in July, including vehicles, computers, furniture, homes and major home improvements.
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