The New York Index of Consumer Sentiment, a key indicator of how New York consumers feel about the economy, dropped by more than 6 points in the second quarter of 2019, according to the Siena College Research Institute.

The review found New York’s consumer sentiment fell to 87.1, and is more than 11 points below the national average of 98.2 in the second quarter.

“After three consecutive quarters of robust consumer sentiment, the New York index nose-dived falling over six points,” said Dr. Doug Lonnstrom, a professor of statistics and finance at Siena College the founding director of the research institute. “Despite remaining well above the breakeven point at which optimism and pessimism are balanced, every group – men, women, upstate, downstate, young and old recorded declining sentiment driven more so by their current outlook than by their future.”

The causes could be a mix of events in the news — tariffs, the trade war with China, financial volatility at the end of the year, but a shrinking a plurality of New Yokers believe they are better off financially today then they were a year ago, Lonnstrom said.

Meanwhile, Siena’s poll found 43 percent of New Yorkers surveyed say gasoline prices are having a very serious or somewhat serious effect on their finances, while 64 percent of residents say the amount of money they are spending on groceries is having the same impact.