The sentiment among Utah consumers continues to brighten. Utah’s consumer sentiment index increased by 2.3 percent in August, continuing the upward trend that began in the spring. The index rose from 81.1 in July to 83 in August, according to the University of Utah’s Kem C. Gardner Policy Institute Survey of Utah Consumer Sentiment. A similar survey conducted by the University of Michigan also found a 2.3 percent increase in sentiment among Americans as a whole during August — from 66.4 to 67.9.
“Consistent with other Utah economic indicators such as job growth, Utah consumer sentiment continued to increase in August,” said Phil Dean, chief economist at the Gardner Institute. “With broad-based interest rate cuts on the horizon and mortgage rates already lower than several months ago, consumers may foresee some relief from recent economic pressures. Even so, economic uncertainty remains, including from the pending election, international events, continued inflation, and other factors.”
The Utah consumer confidence survey uses key questions from the University of Michigan’s Survey of Consumers. These questions measure residents’ views of the present economic situation and their expectations for the economy in the future. Data gathered from the key questions are used to create the consumer confidence index for Utah. Demographic questions are included in the questionnaire to allow for additional analysis of the data and to assess the representativeness of the sample.
The full results of the monthly Utah Consumer Sentiment survey can be accessed through the Gardner Institute website at gardner.utah.edu.