Long Islanders more optimistic about their finances in election's wake, poll says
Shoppers at Plainview's Amazon Fresh store on Oct. 24. A Siena College Research Institute poll found the high cost of groceries and housing continues to weigh on Long Islanders. Credit: Newsday/Howard Schnapp
Long Island consumers are a bit more upbeat about their immediate financial future now that the presidential election is in the rearview mirror, though the rising cost of groceries and housing continues to weigh on them, according to a poll released Wednesday.
The Siena College Research Institute reported its Index of Consumer Sentiment was 72.9 points in November in Nassau and Suffolk counties. That’s higher than September’s 70.1.
In the metropolitan area, which includes the Island, the index reading was 81 points in November, up from 78.1 two months earlier. Statewide, the trend was similar.
"Consumer sentiment rose after November’s election," said Siena pollster Don Levy. "Sentiment among Republicans is skyrocketing" in anticipation of Republican Donald Trump’s return to the White House later this month, he said.
"Although previous elections have seen consumers’ mood whiplash by party, today’s sentiment swings are twice as intense compared to ’16 or ’20," he said.
Statewide, the sentiment index reading for Republicans was 88.4 points compared with Democrats’ 74.8. A party breakdown for Long Island wasn't available.
Readings above the breakeven threshold of 76 points indicate that the number of consumers who are optimistic about their financial outlook is larger than the number who are pessimistic.
At the Green Acres Mall in Valley Stream on Wednesday, shoppers aligned with the Siena poll results.
"I voted for Trump because I think he'll do good things for the economy that will put more money in my pocket," said Merrill Jones, a retired electrician from North Valley Stream. "The economy just has to improve. I want to see grocery prices go down," said the registered Republican.
Sherry Wilkinson, 42, who described herself as a conservative Democrat, said she is hopeful that Trump's proposed tax cuts will encourage businesses to hire.
"I'd like to get a better-paying job so I can afford to buy a house," said the Franklin Square resident.
Jimmy A. Rogers, a retired postal worker from Rosedale, Queens, said he's relieved the election results were certified without the kind of disruption that took place on Jan. 6, 2021, when Trump supporters stormed the Capitol building in an attempt to overturn Democrat Joe Biden's victory.
"We can now focus on getting the economy back on track, creating jobs and opportunity for folks," he said, adding that he's not registered with a political party.
In the Siena survey, the high cost of food and housing on Long Island were among the factors holding down the local index reading.
More than eight in 10 Nassau and Suffolk residents said food prices were having either a very serious or a somewhat serious impact on their finances in November. Seven in 10 said the same about the cost of housing.
Grocery prices rose 1.4% in November compared with a year earlier, with the cost of meat, poultry, eggs and fish up 4%. Residential rent climbed 5.5%, year over year, according to the most recent consumer price index for the 25-county region that includes Long Island.
The latest Siena index is derived from a Nov. 11-18 poll of 803 New York State residents, including 102 Long Islanders. The margin of error is plus or minus 3.9 percentage points for the total sample and 10.8 points for the local sample.
Long Island consumers are a bit more upbeat about their immediate financial future now that the presidential election is in the rearview mirror, though the rising cost of groceries and housing continues to weigh on them, according to a poll released Wednesday.
The Siena College Research Institute reported its Index of Consumer Sentiment was 72.9 points in November in Nassau and Suffolk counties. That’s higher than September’s 70.1.
In the metropolitan area, which includes the Island, the index reading was 81 points in November, up from 78.1 two months earlier. Statewide, the trend was similar.
"Consumer sentiment rose after November’s election," said Siena pollster Don Levy. "Sentiment among Republicans is skyrocketing" in anticipation of Republican Donald Trump’s return to the White House later this month, he said.
"Although previous elections have seen consumers’ mood whiplash by party, today’s sentiment swings are twice as intense compared to ’16 or ’20," he said.
Statewide, the sentiment index reading for Republicans was 88.4 points compared with Democrats’ 74.8. A party breakdown for Long Island wasn't available.
Readings above the breakeven threshold of 76 points indicate that the number of consumers who are optimistic about their financial outlook is larger than the number who are pessimistic.
At the Green Acres Mall in Valley Stream on Wednesday, shoppers aligned with the Siena poll results.
"I voted for Trump because I think he'll do good things for the economy that will put more money in my pocket," said Merrill Jones, a retired electrician from North Valley Stream. "The economy just has to improve. I want to see grocery prices go down," said the registered Republican.
Sherry Wilkinson, 42, who described herself as a conservative Democrat, said she is hopeful that Trump's proposed tax cuts will encourage businesses to hire.
"I'd like to get a better-paying job so I can afford to buy a house," said the Franklin Square resident.
Jimmy A. Rogers, a retired postal worker from Rosedale, Queens, said he's relieved the election results were certified without the kind of disruption that took place on Jan. 6, 2021, when Trump supporters stormed the Capitol building in an attempt to overturn Democrat Joe Biden's victory.
"We can now focus on getting the economy back on track, creating jobs and opportunity for folks," he said, adding that he's not registered with a political party.
In the Siena survey, the high cost of food and housing on Long Island were among the factors holding down the local index reading.
More than eight in 10 Nassau and Suffolk residents said food prices were having either a very serious or a somewhat serious impact on their finances in November. Seven in 10 said the same about the cost of housing.
Grocery prices rose 1.4% in November compared with a year earlier, with the cost of meat, poultry, eggs and fish up 4%. Residential rent climbed 5.5%, year over year, according to the most recent consumer price index for the 25-county region that includes Long Island.
The latest Siena index is derived from a Nov. 11-18 poll of 803 New York State residents, including 102 Long Islanders. The margin of error is plus or minus 3.9 percentage points for the total sample and 10.8 points for the local sample.
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.
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