News Release

May 9, 2024 (Salt Lake City) – Utah’s consumer sentiment decreased by 2.2% in April (from 78.0 in March to 76.3), according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment. A similar survey by the University of Michigan found that sentiment decreased by 2.8% among Americans as a whole during the same time (from 79.4 to 77.2). Utah’s April consumer sentiment marks a second consecutive month of lower sentiment in Utah than the nation.

“Since the difference between the U.S. and Utah indices remains statistically insignificant, analysts hesitate to signal economic alarm bells,” said Natalie Gochnour, director at the Gardner Institute. “Still, the combination of tepid consumers, lower job growth (including contraction in two major industries – information and financial activities), a Federal Reserve holding on interest rate reductions, and sticky inflation suggests a continuing deceleration of growth in the Utah economy.”

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).

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