Sentiment relatively unchanged from April (70.5) to May (71.0)
Utah’s consumer sentiment was essentially unchanged in May (71.0) compared to April (70.5), according to the Kem C. Gardner Institute’s Survey of Utah Consumer Sentiment. A similar survey by the University of Michigan found sentiment fell from April (63.5) to May (59.2) among Americans as a whole.
“Utah sentiment remained relatively unchanged for the third straight month, reflecting continued economic uncertainty among Utahns facing mixed economic signals,” said Gardner Institute Chief Economist Phil Dean. “Federal debt ceiling discussions occurring in D.C. during the survey period could have added to uncertainty. Negative economic signals include higher interest rates, moderating economic growth in the U.S. overall in recent quarters, and the ongoing banking turmoil that began with the collapse of Silicon Valley Bank in March. Positive economic signals Utahns may notice include a strong local labor market and improvements in inflation. Utah consumer sentiment remains higher than U.S. sentiment, which declined in May.”
The Utah Consumer Confidence Survey uses key questions from the University of Michigan’s Surveys of Consumers. These questions measure residents’ views of the present economic situation and their expectations for the economy in the future. Data gathered from the key questions are used to create the consumer confidence index for Utah. Demographic questions are included in the questionnaire to allow for additional analysis of the data and to assess the representativeness of the sample.