News Release

Decrease marks the first instance where a Utah economic indicator performed worse than the nation

April 5, 2024 (Salt Lake City)  – Utah’s consumer sentiment decreased by 2.9% in March (from 80.3 in January to 78.0), 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 increased by 3.1% among Americans as a whole during the same time (from 76.9 to 79.4). Both figures are within the margin of error of their respective surveys. This marks the first instance of a Utah economic indicator performing worse than the nation since the state’s Consumer Sentiment Survey began in 2020.

“We never like to see a Utah economic indicator performing worse than the nation, especially for the first time,” said Natalie Gochnour, Director of the Kem C. Gardner Policy Institute. “Is it concerning? Yes, but with a caveat. It’s only one month of data. The prudent course is to keep a steady eye on consumer behavior and see if a trend develops.”

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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