A new poll by Siena College Research Institute discovered that New Yorkers are feeling more confident about spending money.
The public-opinion survey from the second quarter of 2018 found that New York residents plan to buy motor vehicles, electronics and furniture more than they had in the previous three months. However, their spending plans dipped for home improvements.
“For the 15th consecutive quarter, consumer sentiment across New York state is well above the optimism/pessimism breakeven point," said Douglas A. Lonnstrom, professor of statistics and finance and SCRI founding director.
"Despite, or perhaps because of a volatile stock market, fears of tariffs and a wholesale trade war, consumer sentiment rose dramatically among Republicans – up 14 points – while Democrats although up a point trail Republicans by 18 points,” Lonnstrom said in a news statement.
The institute's New York State Index of Consumer Sentiment rose 2.1 points in the second quarter of 2018, while the nationwide figure fell by three points.
Republicans and residents of Upstate New York reported higher consumer confidence, by a two-point margin -- than Democrats and residents of New York City and its suburbs -- according to Siena's poll, which can be accessed by clicking here:
Meanwhile, increasing gasoline prices have pushed U.S. consumers' fuel cost worries to a three-year high; the institute found.
For additional news coverage of the poll results, which showed consumer confidence falling in other parts of the nation, click here.
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