Overall consumer confidence increased in eight of nine New York State "metropolitan statistical areas" in the first quarter of 2009, according to the latest Quarterly Consumer Confidence survey released today by the Siena (College) Research Institute. At 63.4, the New York City region had the highest overall consumer confidence of the nine regions, and the Buffalo region had the lowest, at 54.4.
The Albany area saw the smallest increase in confidence, however, rising only 1.3 points to 56.0.
"Consumers have taken a deep breath and stepped back from the economic cliff," said Douglas Lonnstrom, Siena College professor of finance and statistics, and SRI Founding Director. "After hitting historic lows last fall amidst chaos in the financial sector, bailout burnout and concern over layoffs and business closings, consumers today feel more optimistic, but hardly bullish. Confidence is up and now moving in a more hopeful direction, but consumers newly programmed to practice caution are hardly ready to storm the mall or the car lot."
Overall confidence is up:
-- 7.2 points in New York City to 63.4 (No. 1)
-- 5.2 points in Mid-Hudson to 56.9 (No. 4)
-- 4.3 points in Buffalo to 54.4 (No. 9)
-- 4.2 points in Binghamton to 57.7 (No. 3)
-- 3.1 points in Long Island to 58.7 (No. 2)
-- 2.9 points in Syracuse to 54.8 (No. 7)
-- 2.1 points in Utica to 54.7 (No. 8)
-- 1.3 points in Albany to 56.0 (No. 5)