Utah’s consumer sentiment falls in September

Utah’s consumer sentiment fell from 66.0 in August to 63.9 in September, according to the Kem C. Gardner Institute’s Survey of Utah Consumers. A similar survey by The University of Michigan found sentiment essentially unchanged from August (58.2) to September (58.6) among Americans as a whole. While there is only a slight change in Utah consumer sentiment from August, just over a 2-percentage point decrease, the change in resident sentiment from one year ago is substantial—a drop in the index from 83.03 to 63.86.

“When considering the year-over decline, it is clear that Utahns are feeling the pinch of rising prices when they consider how they feel about the economy,” said Gardner Institute Chief Economist Phil Dean. “While inflation remains a key challenge, the Utah economy remains fundamentally strong because of low unemployment, stabilizing home prices, and Utah’s relatively higher consumer sentiment when compared to the national data.”

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.