Consumer confidence in New York inched up in March, despite a steep increase in gasoline prices across the country, according to a survey from Siena College.
New York’s confidence ranking clocked in at 76.3 in the monthly Siena survey, increasing by 1.5 points over February. The state mark is .1 higher than the national mark, which increased by .9 over February.
But the numbers were fueled largely by a 4.7 point bump in New York City and its suburbs. Consumer confidence upstate actually fell by 4 points to 67.9 in March.
In addition, consumer buying plans in New York were up — albeit slightly — for computers and major home improvements. Buying plans for furniture, cars and homes were down. (Cars dipped by 3.2 points to 8.7 percent, according to Siena.)
“Despite rising gasoline prices and a spike in the hardship those increases bring to family finances, overall, current and future confidence was up slightly across New York in March,” Siena Research Institute Director Don Levy said in a statement. “For the first time in nearly five years, confidence has now hovered at, or just above, the magic breakeven point at which optimism equals, and begins to exceed, pessimism.”
Here’s a look at the summary of Siena’s findings: