February 12, 2024 (Salt Lake City) – Utah’s consumer sentiment rose 2.0% in January (from 79.8 in December to 81.3), 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 rose 13.3% among Americans as a whole during the same time (from 69.7 to 79.0).
“Utah consumer sentiment begins 2024 continuing its upward trend with a third consecutive monthly increase, reaching its highest rating since October 2021, said Phil Dean, chief economist at the Gardner Institute. “This recent trend signals growing economic optimism and coincides with the remarkable resiliency seen in the Utah and U.S. economies over the past few years. Despite higher interest rates and global uncertainty caused by wars and trade conflicts, the remarkably resilient economy expanded in all four quarters of 2023, buoyed by strong labor markets, continued robust consumer spending, and elevated but moderating inflation. Notably, with sizable U.S. consumer sentiment increases in the past two months, U.S. sentiment is closing the gap with Utah consumer sentiment, which tracks directionally but has historically exceeded U.S. sentiment.”
The full results are now available online.
Utah’s survey of consumer sentiment 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).