LOUDONVILLE Despite soaring gas prices, consumer confidence in New York increased slightly in May for the first time in seven months, according to the latest poll by the Siena Research Institute.
Siena consumer confidence poll
For more on the monthly consumer confidence poll by the Siena Research Institute, click here.
Though overall consumer confidence rose - even as national confidence continued to dip - buying plans were down for cars, trucks, computers and major home improvements, the survey said. Buying plans were up for furniture, however, while buying plans for homes remained the same, according to the poll.
"Despite raising gas and food prices, consumer confidence in New York rose almost a point this month while the nation fell nearly three points, " said Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director. "After seven straight months of decline, this small uptick points hopefullly to New Yorkers having found the bottom and perhaps hinting at some gains in consumers' willingness to spend," he said.
The index still remains 25 points below May 2007 and current plans by consumers to make major purchases are a fraction of last year's plan, the poll found.
4:55 a.m. [ Suggest removal ]
Who did this poll target, the RICH..I think this poll needs to be analized further, how did they pay for there purchases..Credit card..to increase further debt ? Dont be fooled to think that things are going to get better, as of 2009 food prices will be increasing another 15%, mostly meats and heating fuel will be increasing at its unlawful rate towards this winter, that is why the increase in fuel sales in the heating dept. is already happeninng. We wil see how the consumer spending is then.