Dashboard: State ends economic year on ‘cautiously optimistic’ note

Utah’s Roadmap to Prosperity Economic Dashboard for December found rebounding consumer sentiment tempered by a softening labor market. 

The dashboard, a joint effort of the Utah Chamber and the University of Utah’s Kem C. Gardner Policy Institute, reported data supportive of cautious optimism. 

Released monthly, the Economic Dashboard records key data on the state’s economic outlook to provide actionable context for decision-makers and business leaders.

“Utah’s economy ends 2025 on a cautiously optimistic note. While consumer sentiment rebounded in December and Utah continues to outpace national trends, our labor market is showing signs of softening,” said Derek Miller, president and CEO of the Utah Chamber. “As we enter 2026, these signals underscore the importance of sound policy decisions and continued collaboration to maintain Utah’s competitive edge.”

The three main findings reported for December included signs of a softening labor market, a rise in consumer sentiment and an outlier report on November air travel.

Despite year-over-year job growth in Utah (up 1 percent) exceeding the U.S. average (0.5 percent), deceleration in the growth rate, coupled with an increase in Utah’s unemployment from 3.4 percent to 3.6 percent, suggests a softening labor market, according to Gardner Institute analysts.

Although the Zions Bank Consumer Sentiment Survey showed a 5.4 percent increase from November to December, the index remained 12.5 percent lower than the same time the previous year. Meanwhile, U.S. consumer sentiment was off 28.5 percent.

Likely due to the federal government shutdown, Salt Lake City International Airport recorded its lowest passenger count in November since February 2023, according to dashboard data. The number of passengers passing through the terminal was down 1.3 percent from November 2024.

“Utah’s economy continues to demonstrate underlying strength, with our job growth still outpacing the nation and consumer sentiment seeing a welcome bump in December,” said Natalie Gochnour, director of the Gardner Institute. “The latest data, however, reveal signs of a moderating trend, particularly some softening in the labor market. This nuanced picture points toward a period of cautious optimism, as we anticipate economic growth will remain subdued in the coming months.”