The Zions Bank Utah Consumer Attitude Index increased slightly in June, notching upward by 3.3 points from 111.9 in May to 115.2 in June.
Consumer confidence in Utah has registered above 110 since June last year, indicating that economic prosperity remains consistently high. The overall CAI currently sits 3.7 points higher than its level 12 months ago. In comparison, the national Consumer Confidence Index® increased 1.3 points to 118.9 this month and is 7.4 points higher than it was at this same time last year.
“Consumers have maintained high levels of confidence in the statewide economy thanks to generally positive perspectives on economic and business activity in the state,” said Scott Anderson, president and CEO of Zions Bank. “All indicators continue to point to an economy that will maintain its expansion through the summer season, which will benefit local Utah businesses and consumers alike.”
The CAI’s jump resulted from steady, confident expectations for the economy, both for the current period and over the next six months.
- Fewer people think general business conditions are bad — down to 4 percent in June from 6 percent in May
- More people believe that the prices for consumer goods in general will increase in the next 12 months — 65 percent, up from 63 percent in May
- Confidence in the labor market remains high, as fewer people perceive jobs as currently hard to find — 10 percent in June, down from 12 percent in May
Other metrics regarding economic confidence, interest rates, government economic policy, and gasoline prices include:
- Forty-six percent of residents believe the state government is doing a good job of taking steps to improve Utah’s overall economy, compared to 49 percent last month
- Twenty percent of Utahns think the federal government is doing a good job taking steps to improve the overall economy, down 4 percentage points from May
- Thirty-seven percent of consumers believe the U.S. economy will improve during the next 12 months, compared to 47 percent last month
- Forty-eight percent of Utahns think a $1,000 investment in their 401(k) will be worth more a year from now, compared to 52 percent last month
“Perceptions of the overall economy within Utah continue to demonstrate strength.” said Randy Shumway, chairman and partner of Cicero Group. “As consumers remain positive about their economic futures, they will continue to invest in the statewide economy, increasing the number of jobs available in Utah and increasing the standard of living for many Utahns.”
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.