Costlier commodities continued to wallop New Yorkers in April, knocking their confidence to record lows yet again, according to a Siena Research Institute monthly report released today.
Overall consumer confidence slid 1.8 points last month to 55. Upstate sentiments fell by the same amount to 53.3.
But confidence in New York crumbled less rapidly than it did in throughout the nation. April’s U.S. confidence reading came in at 62.6, down 6.9 percent from a month earlier.
SRI attributed last month’s declines to higher gas and food prices.
“The fact that the national index fell more sharply this month than New York’s is little solace to those that brave everyday auto and grocery sticker shock. Even higher income households and Republicans, who despite more income and a traditional greater willingness to spend, are now firmly closing their wallets,” said SRI Founding Director Douglas Lonnstrom.
The SRI survey showed consumer buying plans were down 15 percent to 35 percent from a year earlier. In April, 10.6 percent of consumers said they expected to buy a car or truck within the next six months, compared to 15.3 percent a year ago. During the same period, furniture buying plans fell to 14.8 percent from 22.7 percent.