Steady as she goes.
Utah’s consumer sentiment decreased by a statistically insignificant 0.5 percent in June, according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment.
The national consumer sentiment took a slightly more significant dip of 1.3 percent (from 77.7 in May to 77.3 in June), as reported by the University of Michigan.
“U.S. and Utah consumer sentiments appear to be taking a summer pause,” said Phil Dean, chief economist at the Gardner Institute. “All eyes remain fixed on inflation and the actions of the Federal Reserve, which appear to also be in a holding pattern in this uncertain economic environment.”
The Utah consumer confidence survey uses key questions from the University of Michigan’s Survey 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.