Utah’s consumer sentiment decreased by 6.1% in September (from 83.0 in August to 77.9 in September), according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment. A similar survey conducted by the University of Michigan found a 3.2% increase in sentiment among Americans as a whole during the same time (from 67.9 to 70.1).
“With Utah’s decrease in consumer sentiment and a slight increase in U.S. consumer sentiment, the gap between the two narrowed slightly in September,” said Phil Dean, chief economist at the Gardner Institute. “These results highlight the mixed economic signals right now. Easing inflation and lower interest rates should contribute to increased consumer sentiment. However, rising unemployment and slowing employment growth likely weigh on consumer confidence. Additionally, international conflicts and the pending U.S. election likely contribute to consumer uncertainty.”
The full results are now available online.
Utah’s consumer sentiment survey includes seven questions concerning current and expected future economic conditions. Five of the questions are identical to those included in the University of Michigan’s Survey of Consumer Sentiment in the U.S. Two of those questions refer to business or economic conditions in the country (rather than in one’s home state, for example).
