Consumer confidence in New York state hit another all-time low in February, according to the latest survey by the Siena Research Institute.
Statewide consumer confidence dropped by 2.4 points last month after hitting an all-time low in January, the institute reported this morning. The drop was not as sharp as the 7.6-point national decline measured in a monthly survey by the University of Michigan, however.
At a confidence index of 62.4, though, the state still trails the rest of the nation, which posted a confidence index of 70.8.
“Just when we thought things couldn’t get any worse, they have,” said Douglas Lonnstrom, a professor of statistics and finance at Siena College and founding director of the institute. “Continued talk about a recession, coupled with inflation affecting everyday goods, has created a perfect storm that is sinking confidence here in New York and across the country.
“Concern about the future has leveled out, but now the problem is today. For the first time since we started measuring the index in New York [in 1999], more consumers are worried and pessimistic than those that are hopeful across every demographic category.”
While buying plans in February were down for computers and furniture, the institute reported, some positive signs could be seen in the fact that buying plans were up for vehicle and homes, while plans for major home improvements remained the same.