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The New York State Index of Consumer Sentiment was up 9.1 points to 70.8 in the third quarter of 2022, the poll found. That’s 12.6 points above the nation’s Index of 58.2.
The current index rose nearly 12 points from the previous quarter to 64.1 and the future index increased nearly eight points from 67.6 to 75.2, researchers found.
Future confidence in the state is 17.2 points higher than the nation’s 58.0.
“New Yorkers’ collective sentiment continues to outpace the national rate driven by far greater optimism in the New York City area especially when looking to the future,'' said Don Levy, director of the Siena College Research Institute.
“Still, our tale of two states persists. The Gotham-area index is 19 points above upstate, younger residents outpace older New Yorkers by over 22 points and Democrats and Republicans live in different economic sentiment realms with D’s over R’s by over 37 points.”
Levy noted that with inflation slowing, more New Yorkers are planning to buy major consumer goods.
Buying plans were up for homes to 14 percent (from 8.5), major home improvements to 29 percent (from 24.5), furniture to 29.4 percent (from 25.4), consumer electronics to 47 percent (from 43.1), and cars/trucks to 21.7 percent (from 18.5).
However, Levy said gas and food costs continue to burden many families, with 69 percent of all New Yorkers saying that current gas prices are having a "very serious or somewhat serious impact" on their financial condition.
Seventy-eight percent of respondents (down from 80 percent) said the cost of groceries is having either a "very serious or somewhat serious impact" on their finances, pollsters found.
“Particularly striking – 82 percent of Republicans, up from 73 percent, say that BOTH gas and food are seriously impacting their household finances,” Levy said.
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