Utah’s consumer sentiment rebounded from a recent-months low point of 68 in March to 72.4 in April, according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumers.
“Consumers hoping for a return to more-normal economic conditions continue to experience the effects of elevated inflation, lingering supply chain disruptions and geopolitical uncertainty,” said Phil Dean, Gardner Institute chief economist. “But even during these challenges, household balance sheets remain very strong. Plentiful jobs, low debt-to-income ratios and a high stock of savings accumulated during the pandemic help to offset the continuing uncertainty.”
Nationally, sentiment also climbed in April. According to the University of Michigan’s nationwide Survey of Consumers, U.S. sentiment was 60.9 in April, compared to 54.0 in March.
The Utah Consumer Sentiment Survey uses comparable questions to the University of Michigan’s Survey of Consumers. These questions measure residents’ views of present and future economic conditions. Both surveys include a random sample of consumers, including demographic questions to assess the representativeness of the sample.