The Salt Lake Chamber, in partnership with the Kem C. Gardner Policy Institute, has updated its Roadmap to Prosperity Economic Dashboard for April. The dashboard provides data on the state’s economic outlook and actionable context for decision-makers, the chamber said in announcing the update.
“Persistent interest rate hikes from the Fed to fight inflation have put severe pressure on our regional banks and the customers and communities they serve,” said Derek Miller, president and CEO of the Salt Lake Chamber. “While Utah remains in an enviable position with growth in most industries, failure at the national level to raise the debt ceiling and curtail federal government spending puts Utah’s economic fortunes at risk. In addition, mounting pressure from the state’s record-low unemployment underscores the need to reach a bipartisan immigration solution that secures the border and increases channels for legal immigration. Inaction on these issues places our country and state in serious jeopardy.”
According to a chamber release, there are three essential insights from the dashboard. They are:
1. Inflation stays high but continues to fall. Price increases continue to moderate, with March being the ninth consecutive month of year-over-year declines. However, inflation remains more than two times greater than the target range.
2. Utah’s unemployment rate remains low. Utah’s unemployment rate stayed constant at 2.4 percent in March, the fifth-lowest unemployment rate nationally. The U.S. unemployment rate fell slightly from 3.6 percent to 3.5 percent in March.
3. Utah consumer confidence is unchanged. Utah’s consumer sentiment remained the same in March. Mixed signals of both economic growth and uncertainty likely contributed. Conversely, national consumer confidence has declined.
“The dashboard is updated monthly, providing essential insights, tracking 10 timely and leading measures and sharing pertinent indicators,” the chamber release said. “This provides leaders with critical and timely information to make informed decisions.”
“Utah’s economy continues to impress during a complex and uncertain time,” said Natalie Gochnour, director of the Gardner Institute.
The Roadmap to Prosperity Dashboard can be viewed at https://slchamber.com/resources/roadmap-dashboard/.