Fewer Utahns believed that jobs are plentiful in October when compared to September, and as a result, the Zions Bank Utah Consumer Attitude Index (CAI) took a 3.6-point dip for October to 120.5. The CAI has dipped 4.8 points in the past year. In comparison, the national Consumer Confidence Index increased 2.6 points in October to 137.9.
The Utah Present Situation Index, a sub-index of the CAI, dropped 9.2 points to 131.1 after hitting a record-breaking level in September. In October, 59 percent of Utahns felt that jobs are plentiful, down 5 percent from September. Year-over-year the Utah Present Situation Index inched down 0.1 points.
Meanwhile, the Utah Expectations Index ticked up 0.2 points to 113.5 in October, with slight drops in Utahns’ outlook of both future business conditions and job availability being cancelled out by a jump in Utahns’ expected income in the next six months.
Utahns’ confidence in the U.S. economy overall has held high since December 2016. On average, over the past 12 months, more Utahns say it is likely the U.S. economy will improve rather than get worse. About 37 percent now believe it is likely the U.S. economy will improve during the next 12 months, versus 24 percent who feel it is unlikely the U.S. economy will improve over the same period.
“This is the 29th straight month that Utah’s CAI has been over 110, a level that signals that Utahns’ sentiment is positive overall,” said Scott Anderson, Zions Bank president and CEO. “And Utah’s job market continues to be incredibly strong.”
According to the Bureau of Labor Statistics, Utah’s 12-month job growth was the second-highest in the nation in September, coming in at 3.6 percent. And Utah’s unemployment is also still among the lowest in the nation at 3.2 percent.”
“One of the keys to a robust economy is that its factors of production, or its workers and businesses, are producing at potential,” said Randy Shumway, chairman and partner of Cicero Group, a Salt Lake City research firm that does data collection and analysis for the CAI. “There are several ways to measure this, including by job growth, unemployment and real gross domestic product — a measure of how much value is produced. In Utah, not only has job growth been strong and unemployment low, but Utah’s real GDP growth has topped the nation as well.”