Statewide consumer confidence is at a record low, according to the latest quarterly survey from the Siena Research Institute.
To view complete results of the latest quarterly consumer confidence report from the Siena Research Institute, click here.
Consumer confidence has dropped by nearly a third over the past year, according to the survey. Overall, current and future confidence all plummeted sharply both statewide and in the Capital Region over the past quarter, as well.
“Just when we thought we had stopped the bleeding, we are hemorrhaging," said Douglas Lonnstrom, a Siena College finance and statistics professor and founding director of the institute. "These are the biggest drops across the board that we have ever seen."
Locally, overall confidence was down 8.7 points, to 54, the third highest overall confidence among the state's eight metropolitan areas. At 56.6, the New York City region had the highest consumer confidence of the eight regions measured, while the Utica region scored lowest, at 50.4.
"As we study the areas of New York, we now find little difference in the willingness to spend across the entire state," Lonnstrom said. "Down and low, we march together.”