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New Yorkers are more optimistic about their finances than the nation as a whole
The latest research on consumer sentiment among New Yorkers shows that the rate is relatively stable, and the numbers are certainly better than those for the nation as a whole.
That’s according to Don Levy, director of the Siena College Research Institute.
He said consumer sentiment in New York is several points better than the national average. Levy said one reason for that may be related to politics, as in New York state, Democrats were much more optimistic about their personal financial situation than Republicans.
And Levy noted that New York is a heavily Democratic state, which contrasts with the political divide across the country.
When considering how New Yorkers feel about their financial future, Levy said the survey shows they are slightly more optimistic than pessimistic.
“When we look ahead, it’s up by half a point, so it’s not a huge increase,” Levy said. “But there’s still a sense of belief, when you consider all New Yorkers, that things are going to get better for them individually and for the economy as a whole as they look ahead.”
However, even with that optimism, Levy said there are still many concerns about the cost of living, including food and gas prices.
“And then you look at things like housing costs, utilities, two-thirds or more of New Yorkers continue to say that these everyday costs that each of us face are taking their toll,” Levy noted.
Levy said that even with these concerns about inflation, the latest index shows that New Yorkers are still quite optimistic about making some big-ticket purchases, including cars and trucks, where about 1 in 5 New Yorkers are considering buying a vehicle in the next 6 months.