Consumer sentiment in Utah cratered in March.
A survey by the Kem C. Gardner Policy Institute shows a drop of 10.8 points that month, the largest monthly dip since the index began in October 2020. The index was 78.8 in February and 68 in March.
Outlooks fell among all groups, suggesting that every Utahn feels the cost of living pinch due to rising fuel prices and inflation as well as concerns around geopolitical instability.
“Utahns are feeling the effects of increased food and gas prices, with the Russia-Ukraine conflict only exacerbating matters,” said Joshua Spolsdoff, senior research economist at the Gardner Institute. “While we await future interest
rate hikes from the Federal Reserve, for now, economic indicators — such as unemployment, retail sales and corporate earnings — remain strong throughout Utah and the nation.”
Utah’s drop is in contrast to a national decline of 3.4 points, based on a similar survey by the University of Michigan. The decline started in January and March’s figure of 59.4 is the lowest level since August 2011.