The Utah consumer sentiment index saw a significant increase from 68.7 in December to 75.6 in January, according to the Kem C. Gardner Institute’s Survey of Utah Consumers.
“For the second month in a row, Utah consumers are feeling better about the economy,” said Phil Dean, chief economist at the Gardner Institute. “Subdued inflation, lower fuel prices and rising incomes are positively impacting Utahns’ sense of economic well-being.”
A similar survey, the University of Michigan’s Survey of Consumers, also found sentiment increased from December (59.7) to January (64.9) among people nationwide.
The Utah Consumer Sentiment Survey uses comparable questions to the Michigan survey, which polls the nation as a whole to arrive at its index number. Both surveys include a random sample of consumers, including demographic questions to assess the representativeness of the sample.
Utah’s survey of includes five questions concerning current and expected future economic conditions. These questions are identical to those included in the University of Michigan’s survey. Two of these questions refer to business or economic conditions in the country as a whole (rather than in one’s home state, for example). The Gardner survey supplements these two questions with alternative versions that refer to the state of Utah rather than the whole United States.
The full results of the survey are available online at the Gardner Institute website, https://gardner.utah.edu.