A new survey on consumer sentiment in New York State shows that shoppers are feeling a little better about the economy. The Siena College survey shows that the state's index of consumer sentiment rose, even though the nation's index fell a bit in May.
Doug Lonnstrom of the Siena Research Institute says there are a few reasons why consumers in the state may be feeling a bit more optimistic.
"For instance, inflation has stayed low, the stock market is doing alright, hitting some new highs, the retail industry has bounced back some and the federal reserve came out with some reports that are positive about the economy."
Lonnstrom says the survey shows that more New Yorkers may be planning on buying big-ticket items in the next several months.
"So if we look at consumer electronics, such as televisions, cell phones, tablets and so on, that's up a couple of points. Furniture plants are up five points; home improvement up three points; homes were up one point."
Lonnstrom says the survey also shows, probably to no one's surprise, that New Yorkers with higher incomes are feeling more optimistic about the economy than state residents with lower incomes.
