Utah’s consumer sentiment rose 4.8% in September (from 71.5 in August to 76.3), according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment. A similar survey by the University of Michigan found that sentiment slightly fell among Americans as a whole during the same time.
“While not a statistically significant change, the increase in Utah’s consumer sentiment is a positive sign following last month’s decline,” said Phil Dean, Chief Economist at the Gardner Institute. “Utahns continue to receive mixed signals about the economy. Positive news, including unemployment rates near all-time lows and rising labor force participation, continue to impact Utah’s sentiment. This contrasts with uncertainty surrounding the federal government and negative news such as rising gas prices, interest rates, and high housing prices.”
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.
