Rochester Business Journal

Confidence among upstate consumers dipped from July to August, a monthly survey by the Siena Research Institute shows.

Overall confidence—which includes current and future confidence—fell 4.6 points last month to 66.7, but was up from 58.2 a year ago. Current confidence was 72, compared with 76.2 in July and 59.1 in August 2011, while future confidence fell to 63.3 from 79.8 in July, but was up from 57.7 a year ago.

Statewide, overall confidence was 73.9, down from 75.4 in July, but up from 61.8 in August 2011. Current confidence was 73.1, compared with 75 in July and 62.2 a year ago. Future confidence was 74.4, down from 75.7 in July, but up from 61.6 a year ago.

Nationally, overall confidence rose to 74.3 last month from 72.3 in July and 55.7 a year ago. Current confidence was 88.7 in August, up from 82.7 in July and 68.7 in August 2011. Future confidence was 65.1, compared with 65.6 in July and 47.4 in August 2011.

Democrats reported the highest confidence in August, while Republicans reported the lowest.

“When we look back to Sept. 1, 2008, we see that both New Yorkers and Americans say they feel better, not all better, but better today than they did then,” SRI founding director Douglas Lonnstrom said. “The overall index of consumer sentiment is up over 11 points nationally and nearly 16 points in New York from this time four years ago.”

Some 70 percent of upstate consumers said gas prices are having a very serious or somewhat serious impact on their financial condition, up from 59 percent in July. Some 71 percent said food prices were having a serious impact on their finances, compared with 68 percent in July.

Buying plans were up for vehicles and computers last month, while plans to purchase furniture, homes and major home improvements fell.

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