Kem C. Gardner Policy Institute: Consumer confidence falls in May

Utah index fell to 69.0 in May, down from 72.4 in April

Utah’s consumer sentiment fell in May, according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumers. Sentiment among Utahns fell to 69.0 in May, down from 72.4 in April. A similar survey by the University of Michigan found a larger decline in sentiment among Americans as a whole, falling to 58.4 in May compared to 65.7 in April.

“Not surprisingly, low sentiment readings continue to illustrate consumer frustration with ongoing inflation, which erodes the value of wage gains and purchasing power in general,” said Gardner Institute Chief Economist Phil Dean. “Even so, this sizable consumer sentiment reduction through 2022 has yet to match with a corresponding reduction in economic activity.”

The Utah Consumer Sentiment Survey uses comparable questions to the University of Michigan’s Survey of Consumers. These questions measure residents’ views of present and future economic conditions. Both surveys include a random sample of consumers, including demographic questions to assess the representativeness of the sample.

The full results are now available online.