September 5, 2024 (Salt Lake City) – Utah’s consumer sentiment increased by 2.3% in August (from 81.1 in July to 83.0 in August), according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment. A similar survey conducted by the University of Michigan also found a 2.3% increase in sentiment among Americans as a whole during the same time (from 66.4 to 67.9). Neither monthly change was statistically significant.

“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 full results are now available online.

Utah’s consumer sentiment survey includes seven questions concerning current and expected future economic conditions. Five of the questions are identical to those included in the University of Michigan’s Survey of Consumer Sentiment in the U.S. Two of those questions refer to business or economic conditions in the country (rather than in one’s home state, for example).