ALBANY — Consumer confidence continues to slump across the Empire State and the nation as Americans are increasingly worried about soaring prices and the overall state of the economy.
In a survey released Thursday, the Siena Research Institute reports that upstate New York as a region has the least confidence in the economic future. While the national current consumer confidence index dropped a sharp 7.2 points to 77.0, upstaters registered a current consumer confidence index of 57.6.
Even bleaker is upstaters' confidence index for the future, which came in at only 47.2 for April, down from 49.6 in March and 71.0 in April 2007.
The Siena survey seeks to measure both current and future consumer confidence which, when combined, provides a snapshot of consumers' overall confidence. The survey's intent is to evaluate the willingness of people to spend money, rather than their ability to do so.
The index itself represents a tool for comparing consumer confidence at different points in time. Its base year, for which it is set at 100, is 1966.
"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," said Douglas Lonnstrom, professor of statistics and finance at Siena College and founding director of the institute. "Even higher-income households and Republicans, who despite more income and a traditional greater willingness to spend, are now firmly closing their wallets."
Since January 1999, Siena has published monthly surveys to establish a consumer confidence index number for New York state. This number enables direct comparisons of New Yorkers with the nation as a whole, which is measured by the University of Michigan's consumer sentiment index.
Siena's consumer confidence survey for April was conducted by random phone calls to 623 New York State residents over the age of 18. Because consumer confidence is expressed as an index number developed after statistical calculations to a series of questions, there is no margin of error. Buying plans, which are shown as a percentage based on answers to a specific question, have a margin of error of plus-or-minus 3.9 points.