The Zions Bank Utah Consumer Attitude Index decreased in April after a big jump in March, mirroring national sentiment.
The CAI dropped 10.9 points to 112.6. The index remains above 110, which is a typical bellwether for economic prosperity in Utah. The overall CAI currently sits 3.6 points higher than its level 12 months ago. In comparison, the national Consumer Confidence Index® decreased 4.6 points from March to April and currently sits at 120.3.
“Fluctuations in consumer attitudes from month to month are expected, but Utah’s high levels of confidence demonstrate that the state’s economy remains strong,” said Scott Anderson, president and CEO of Zions Bank. “Utahns can retain confidence that business continues to boom in the Beehive State.”
The decrease in the CAI primarily resulted from lower expectations for the economy over the next six months, as slightly fewer Utahns expect business conditions to improve, number of jobs to increase, and household income to rise.
Thirty-five percent of those surveyed think their household income will be higher in six months, down from 41 percent last month
Thirty percent of Utahns believe there will be more jobs in their area in six months, which is down from 35 percent in March
Thirty-two percent of respondents think business conditions will be better in six months, which represents a slight dip from last month’s expectations (34 percent)
Other metrics regarding economic confidence, interest rates, government economic policy, and gasoline prices include:
Thirty-eight percent of consumers believe the U.S. economy will improve during the next 12 months, compared to 50 percent in March
Seventy-two percent of Utahns think interest rates will go up in the next 12 months, up from 69 percent in March
Sixty-two percent of residents believe the price of consumer goods in general will go up over the next 12 months, compared to 59 percent last month
Twenty percent of Utahns think the federal government is doing a good job taking steps to improve the overall economy, down 6 points from March
Forty percent of survey respondents think the state government is doing a good job, down from 44 percent last month
“Consumer attitudes in Utah have sustained high levels for over a year, so it is understandable that we occasionally experience a slight dip rather than a continuous upward path,” said Randy Shumway, Chairman and Partner of Cicero Group. “Consumer attitude trends in Utah are moving in tandem with national consumer confidence, and the economy remains strong.”
Zions Bank provides the CAI as a free resource to the communities of Utah. The monthly CAI summary reports are released at a monthly press conference, coinciding with The Conference Board’s national CCI release date. Analysis and data collection for the CAI are done by Cicero Group, a premier market research firm based in Salt Lake City.