Downstate Consumer Sentiment Higher than Upstate
3/6/2013 (Updated 3/7/2013 8:39:35 AM)Consumers' attitude towards the economy is up in both the state and the nation.
According to the latest Siena Research Poll, consumers are above the break even point at which they are more optimistic than pessimistic.
However, sentiment downstate is much greater than upstate. A local economist says that the real estate market has been encouraging along with the stock market.
But why does New York City have higher consumer sentiment then upstate?
"Generally speaking they've been hiring quite well, their leisure segment has been well, finances come back, not all the way, and I don't think it will, but it has improved as well. I know bonuses are up on Wall Street so obviously that's a big chunk of money that's going to be redistributed throughout the economy there," said Regional Labor Market Analyst, Christian Harris.
Harris also mentions that the state as a whole has retained all its job losses experience during recession, largely due to employment gains in New York City.
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