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Consumer confidence hits record low

Overall confidence among upstate consumers again mirrored statewide confidence, falling to a record low in April, the survey by the Siena Research Institute shows.
Overall confidence in upstate—which includes both current and future confidence—fell to 51.3 last month from 53.1 in March and 75.9 a year ago.
Current confidence among upstate consumers fell to 57.6 in April from 58.4 in March and 83.4 in April 2007. Future confidence slipped to 47.2 last month from 49.6 in March and 71 a year ago.
Statewide, overall confidence dropped to 55 last month from 56.8 in March and 82.1 a year ago. Current confidence was 58, compared with 61.8 in March and 90.2 a year ago. Future confidence fell slightly to 53.1 from 53.5 in March and 76.9 in April 2007.
Nationally, overall consumer confidence was 62.6 in April, compared with 69.5 in March and 87.1 a year ago. Current confidence fell to 77 from 84.2 in March and 104.6 in April 2007. Future confidence nationally fell to 53.3 from 60.1 in March and 75.9 a year ago.
“The fact that the national index fell more sharply this month than New York’s is little solace to those that brave everyday auto and grocery sticker shock,” said SRI director Douglas Lonnstrom.
Buying plans were down for computers, furniture and homes in April, while plans to purchase vehicles and major home improvements increased.
Female consumers ranked last in terms of overall confidence last month, with a 4.5-point drop from March, while Republicans continued to show the highest overall consumer confidence.

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