News Release

Utah consumer sentiment dips slightly as inflation reaches three-year high

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The Utah Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the May 2026 Roadmap to Prosperity Economic Dashboard to inform business leaders’ understanding of Utah’s economy. This tool prioritizes key data on the state’s economic outlook and actionable context for decision-makers.

“Inflation reached a three-year high in May, and Utahns are feeling that pressure,” said Derek Miller, president and CEO of the Utah Chamber. “But as consumer sentiment fell to a record low across the country, Utah’s was nearly unchanged. That tells us our economy is holding its strength under real national pressure. And we will continue watching these indicators closely to help guide Utah’s long-term economic success.”

Three essential insights from the May 2026 Roadmap to Prosperity Dashboard include:

  1. Rising oil and gasoline prices increase energy costs and push inflation to highest level in three years. From April to May, headline inflation rose from 3.8% to 4.2% year-over. Core inflation, excluding food and energy, increased from 2.8% to 2.9% as price pressures broaden beyond energy.
  2. Utah consumer sentiment fell 0.2% in May, while U.S. consumer sentiment dropped 10%, reaching an all-time low. The Zions Bank Consumer Sentiment Index fell from 70.5 in April to 70.3 in May. Rising gas and energy prices likely continue to weigh on U.S. consumer sentiment. 
  3. Utah labor market remains subdued. While the Utah unemployment rate remains at 3.8% in April, job growth remains slow at 0.6% year-over, just above the national rate of 0.2%. 

The Dashboard is updated monthly, providing essential insights, tracking timely and leading measures and sharing pertinent indicators. This provides leaders with critical and timely information to make informed decisions.  

“Utah’s economic outlook remains increasingly subdued, hindered by persistent sluggish job growth and lower consumer confidence amid international unrest,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “Mounting energy costs have driven inflation to its highest level in several years, exacerbating financial strains for Utahns. While our state continues to outperform other parts of the country, ongoing challenges mirror a broader national trend of economic deceleration.”

To view the dashboard, click here.