January 6, 2023 (Salt Lake City) – Utah’s consumer sentiment increased from 64.1 in November to 68.7 in December, according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumers. A similar survey by the University of Michigan also found sentiment rose from November (56.8) to December (59.7) among Americans as a whole. The Gardner Institute has now measured Utah Consumer Sentiment for 27 consecutive months. The December 2022 Index for both Utah and the US increased over the prior month, suggesting a slightly better outlook.
“Current economic challenges from an overheated economy include high inflation, rising interest rates, and slowdowns in construction and real estate. Consumer sentiment has reflected these challenges,” said Phil Dean, Chief Economist at the Gardner Institute. “Yet, there are many often under-appreciated economic buffers. Extremely low employment coupled with improving supply chains and strong overall household, business, and state and local government financial reserves provide a hedge against these challenges in the new year.”
The full results and methodology are now available online.