Utah’s consumer sentiment increased from 62.9 in July 2022 to 66.0 in August 2022, according to the Kem C. Gardner Institute’s Consumer Sentiment Survey, after three consecutive months of decline. A similar survey by the University of Michigan during the same period found an increase in sentiment among Americans as a whole, rising from 51.5 to 58.2.
“Utahns remain more optimistic about Utah’s economy than are Americans across the country about the nation’s economy,” said Phil Dean, chief economist for the Gardner Institute. “Utah’s labor market and economy have outperformed the U.S. economy for many years. The survey suggests Utahns expect this trend to continue.”
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.