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Upstate residents feel economy's outlook is grim
By Tom Wanamaker
Johnson News Service
ALBANY - Upstate New Yorkers hold an increasingly grim view of the ongoing economic crisis.
In a special "financial crisis" poll released Friday, the Siena Research Institute reported that 70 percent of upstaters surveyed think it is "very likely" that "unemployment will reach near-record levels," while almost two-thirds, 62 percent, believe that "these are the worst economic times since the Great Depression."
Statewide, those numbers are 66 percent and 58 percent, respectively.
"New Yorkers don't have to be economists to know how they feel," said Donald Levy, SRI's director. "Today nearly eight in ten are concerned that we are headed into a global depression, over 90 percent expect unemployment to reach near record levels, and over seventy percent think it likely the government will take control of many large banks.
"No matter what we asked about, the overall economy, jobs, bank failures or the stock market, consumers are more concerned today than they were last fall," Mr. Levy said.
In other poll results:
n 83 percent said "we are headed into a global economic depression."
n 76 percent of upstaters believe it likely that the federal government "will take control of many large banks."
n 67 percent said there will be "widespread bank failure."
n 52 percent said the economy is having a "somewhat serious" effect on their household finances; 29 percent called that effect "very serious."
n 47 percent said it was likely that the "stock market will regain its recent losses," while 48 percent called that prospect "unlikely."
The survey was conducted March 2 through March 8 via random phone calls to 1,012 state residents older than age 18 and carries a margin of error of plus-or-minus 3 percentage points. Data was weighted to enhance representativeness. Complete poll data is available online at: www.siena.edu/sri/research.
ALBANY - Upstate New Yorkers hold an increasingly grim view of the ongoing economic crisis.
In a special "financial crisis" poll released Friday, the Siena Research Institute reported that 70 percent of upstaters surveyed think it is "very likely" that "unemployment will reach near-record levels," while almost two-thirds, 62 percent, believe that "these are the worst economic times since the Great Depression."
Statewide, those numbers are 66 percent and 58 percent, respectively.
"New Yorkers don't have to be economists to know how they feel," said Donald Levy, SRI's director. "Today nearly eight in ten are concerned that we are headed into a global depression, over 90 percent expect unemployment to reach near record levels, and over seventy percent think it likely the government will take control of many large banks.
"No matter what we asked about, the overall economy, jobs, bank failures or the stock market, consumers are more concerned today than they were last fall," Mr. Levy said.
In other poll results:
n 83 percent said "we are headed into a global economic depression."
n 76 percent of upstaters believe it likely that the federal government "will take control of many large banks."
n 67 percent said there will be "widespread bank failure."
n 52 percent said the economy is having a "somewhat serious" effect on their household finances; 29 percent called that effect "very serious."
n 47 percent said it was likely that the "stock market will regain its recent losses," while 48 percent called that prospect "unlikely."
The survey was conducted March 2 through March 8 via random phone calls to 1,012 state residents older than age 18 and carries a margin of error of plus-or-minus 3 percentage points. Data was weighted to enhance representativeness. Complete poll data is available online at: www.siena.edu/sri/research.
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