August 7, 2024 (Salt Lake City) – Utah’s consumer sentiment increased by 4.9% in July (from 77.3 in June to 81.1 in July), 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 fell 2.6% among Americans as a whole during the same time (from 68.2 to 66.4). Neither monthly change was statistically significant.

“After a lull earlier in 2024, Utah consumer sentiment in recent months returned to its normal position of exceeding U.S. sentiment,” said Phil Dean, Chief Economist at the Gardner Institute. “This suggests Utahns are more optimistic about the local economy. However, Utah remains closely tied to the U.S. economy, so national trends heavily impact Utah’s economic performance. As the nation continues to face uncertainty around inflation, job growth, interest rates, international events, and stock market fluctuations, consumer sentiment may continue to fluctuate.”

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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