As the financial system is facing the crosscurrents of inflation and a potential downturn, New Yorkers are feeling a little bit better about the economy compared to the end of 2022, a Siena College Research Institute survey found. 

New York's overall consumer sentiment is 13 points above the national index of 62, Siena College reported this week. The current index in New York increased more than 3 points to 70.1, based on the recent survey, and the future index grew by more than 2 points — an indication New Yorkers are holding a more optimistic outlook than the rest of the country as a whole. 

But inflation is still playing a role in how consumers view the economy as well as the impact of the cost of groceries and gas. 

There is also a split: Democratic voters as well as New York City residents had increasing optimism. Upstate residents, as well as Republicans and people over the age of 55, saw little gain in confidence about the economy. 

"Overall, New York’s index, both an assessment of current conditions and most especially future expectations outpace national sentiment," said Don Levy, the Siena College Research Institute's director. "Gasoline price worries have lessened but remain well above early pandemic lows while food price impact on budgets is now at 81 percent, the highest we have seen in 14 years of tracking this measurement."

The survey also found 63% of New Yorkers believe the current price of gasoline has had a serious or somewhat serious effect on their financial condition. And 81% of respondents in New York pointed to the cost of groceries have a serious or somewhat serious impact on their personal finances. 

That's in line with 80% of New Yorkers in June 2022 reporting that groceries were taking a bite out of their wallet. 

Sixty-three percent (down from 66% last quarter) of all New Yorkers say that current gasoline prices are having a very serious or somewhat serious impact on their financial condition. Eighty-one percent (up from 79% last quarter) of state residents indicate that the amount of money they spend on groceries is having either a very serious or somewhat serious impact on their finances. The previous all-time high for food concern was 80% in June 2022.

The poll of 406 New York adults was conducted from March 6 to March. It has a margin of error of 3.9 percentage points.