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Confidence dips among upstate consumers in November

Rochester Business Journal
December 7, 2012

Confidence among upstate consumers fell slightly from October to November, a monthly survey by the Siena Research Institute shows.

Overall confidence—which includes current and future confidence—fell to 73.6 last month from 75.6 in October, but was up from 60.6 a year ago. Current confidence increased to 77.7 from 73.9 in October and 65.2 a year ago. Future confidence was 71, compared with 76.6 in October and 57.7 in November 2011.

Statewide, overall confidence rose to 79.4 from 78.7 in October and 62.2 a year ago. Current confidence was 78.4, compared with 75.4 in October and 62.9 in November 2011. Future confidence fell slightly to 80 from 80.8 in October, but was up from 61.8 a year ago.

Nationally, overall confidence was 82.7 last month, compared with 82.6 in October and 64.1 a year ago. Current confidence was 90.7, up from 88.1 in October and 77.6 in November 2011. Future confidence was 77.6 last month, compared with 79 in October and 55.4 a year ago.

Democrats continued to report the highest overall confidence last month, while Republicans reported the lowest.

“Despite Sandy’s widespread effects and the current threat of all of us being thrown over the fiscal cliff, consumer sentiment was up slightly this month, reaching its highest point since the summer of 2007,” SRI founding director Douglas Lonnstrom said in a statement. “Every group of New Yorkers has now reached or exceeded the confidence breakeven point at which optimism equals pessimism except for Republicans, upstaters and low-income residents.”

Some 66 percent of upstate consumers said gas prices are having a very serious or somewhat serious impact on their financial condition, down from 71 percent in October. Sixty-four percent said food prices were having a serious impact on their finances, compared with 77 percent in October.

Buying plans were up for vehicles, computers, furniture, homes and major home improvements in November.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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