Siena Survey: NY Consumer Confidence Up
New numbers just out on consumer confidence in New York State and employment nationwide are leading to cautious optimism from those who monitor the pulse of the economy.
The latest numbers on consumer confidence for New York State show some improvement. The latest New York State Index of Consumer Sentiment survey from Siena College’s Siena Research Institute shows that consumer optimism grew in June for the the second month in a row.
On the national level, Dan Moran with Colonie-based career-transition management firm Next-Act, says job postings began to rally a bit after a few weeks of significant decreases. As the stock market began to show slightly better results, the job market followed which is not unusual. Postings were 530,500 compared with 514,000 the week before. Job postings were flat the past seven days after a hefty drop last week by 13%.
The national unemployment rate remains at 7.6 percent. U.S. employers added 195,000 jobs in June - that's offset by a more comprehensive count of unemployment that includes an increase in discouraged and underemployed workers from 13.8 to 14.3 percent.
Siena's Lonnstrom points out one factor to watch: oil prices and the connection to Egypt. If rising crude triggers a jump in gasoline prices at the pump, it could rattle consumer confidence by dampening New Yorkers' purchasing plans.