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Siena on state, national consumer confidence
November 9, 2012 - Chris Morris
The Siena Research Institute released a new poll today on consumer confidence in New York state and across the nation.
In short, consumer confidence didn't change much in New York last month, but it did hike up nationwide by 4.3 percent.
In a polling memo, Doug Lonnstrom, professor of statistics and finance at Siena College, notes that the poll was conducted and completed prior to the election and Hurricane Sandy. He says the "national consumer mood may have foreshadowed" President Barack Obama's re-election.
"National sentiment rose over four points and hit its highest point since September 2007," Lonnstrom says. "New York sentiment ticked up less than a point but remained just above the optimism/pessimism breakeven point. Sandy’s destruction while not factored into this month's numbers, will necessitate consumer spending as New Yorkers and New York area residents rebuild and recover from nature's fury."
Lonnstrom adds that Republican and upstate New Yorkers reported the largest gains in consumer confidence last month. But those groups still trail Democrats, upper-income New Yorkers, younger people and New York City residents.
Take a look at the poll, then chime in below. As a consumer, are you more confident than you were a month ago? Less?
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