June 30, 2022 (Salt Lake City) – Utah’s consumer sentiment fell in June, according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumers. The Utah index fell to 64.4 in June, compared to 69.0 in May. For the version of our index referring to the U.S., sentiment was 54.1 in June, compared to 57.9 in May. June’s national consumer sentiment index reflects the lowest reading in the University of Michigan survey’s 70-year history.
“Not surprisingly, consumers of all backgrounds remain very frustrated about high inflation. Indeed, anyone younger than 40 has not seen rates this high in their lifetime,” said Gardner Institute chief economist Phil Dean. “This high inflation includes many every-day items, including $5-per gallon gasoline and elevated food prices. Persistent high prices force consumers to reorient their short-term thinking about today’s purchases and wages and sow seeds of uncertainty about the long-term future.”
The Utah Consumer Sentiment Survey uses comparable questions to the University of Michigan’s Survey of Consumers. These questions measure residents’ views of present and future economic conditions. Both surveys include a random sample of consumers, including demographic questions to assess the representativeness of the sample.
The full results are now available online.