New Yorkers consumer confidence dropped to its lowest point in more than a year, according to the latest Siena Research Institute poll.
Consumer confidence in New York fell 4.6 points in June to 63.4, while the nation’s consumer confidence rose 2.4 points to 76.0. The national figure is compiled by the University of Michigan. In June 2009, consumer confidence stood at 64.3; in June 2008 it was 52.6.
The latest consumer confidence breaks a two-month streak of consumer confidence improvements. The current figure is the lowest since April 2009, when it hit 62.1.
A reading of 75.0 is the break-even point, where an equal percentage of people are optimistic and pessimistic. The consumer confidence index measures peoples’ willingness to spend, as opposed to their ability to spend.
Buying plans were down in all categories—cars and trucks, computers, furniture, homes and major home improvements, according to the Siena Research Institute poll. The institute is affiliated with Siena College in Loudonville.
“It hasn't happened recently,” said Douglas Lonnstrom, founding director of the Siena Research Institute, said of buying plans being down in all categories. The last time it happened was in October 2008.
There is no margin of error associated with the confidence readings, because they are index numbers developed in a series of statistical calculations.
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