Poll: LIers are less pessimistic about the future despite inflation

Long Island consumers are slightly less worried about their immediate financial future due to inflation than they were three months ago, according to a new poll.

The Siena College Research Institute reported its Index of Consumer Sentiment was 61.8 points last month for Nassau and Suffolk counties. That’s up from March’s 59.9.

However, the index is still well below its break-even mark of 76 points, meaning the number of Long Islanders who are pessimistic about their financial outlook is larger than the number who are optimistic, according to Siena pollster Don Levy.

The Island’s sentiment index also remains below that for New York City and the suburbs north and east, which was 68 points in June and 73.1 in March.

Retailers and economists closely follow confidence indexes because they indicate consumers’ willingness to open their wallets. Consumer spending accounts for about 70% of economic activity on Long Island and in the state and nation.

The latest index reading is derived from Siena’s June 14-27 survey of 108 Island residents.

Concern over the cost of groceries remains top of mind: 76% of the people in Nassau and Suffolk said food prices were either a very serious or somewhat serious problem last month compared with 72% in March. That compared with 79% in June and 71% in March in the metropolitan area.

“Food has only taken this big bite out of us once in the last 15 years, [in] July 2008,” since Siena began asking people about food and fuel costs 14 years ago, Levy said. 

On gasoline prices, 68% of Long Islanders said they were either a very serious or a somewhat serious problem last month, a dip from 71% in March. That compares with 67% in June and 62% in March in the metro area.

“Gas prices have only hurt residents this dramatically in 2011 and 2008,” Levy said. 

The poll’s margin of error is plus or minus 10.2 percentage points for the Long Island sample and 3.7 points overall. The survey consists of 802 respondents from across New York State.

By James T. Madore

james.madore@newsday.comJamesTMadore

James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.