Sentiment fell 7.5%, from 77.3 in July to 71.5, the first statistically significant decline since February.
Utah’s consumer sentiment fell 7.5% in August (from 77.3 in July to 71.5), according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment. This is Utah’s first statistically significant decline in sentiment since February. A similar survey by the University of Michigan found sentiment fell among Americans as a whole, though the drop was smaller than Utah’s and not statistically significant.
“The latest consumer sentiment data highlights that Utahns continue to manage economic uncertainty,” said Phil Dean, Chief Economist at the Gardner institute. “Utah unemployment hovers slightly above all-time lows and labor force participation recently increased to the highest level in over a decade. But rising gas prices, interest rates, and housing prices contribute to economic uncertainty. Notably, even with this recent dip, Utah’s consumer sentiment consistently remains above the U.S. overall.”
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.