July 10, 2023 (Salt Lake City) – Utah’s consumer sentiment rose in June 2023 to its highest level in more than a year (76.3, up from 71.0 in May), according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment. A similar survey by the University of Michigan found an increase of similar magnitude among Americans as a whole (64.4 in June, up from 59.2 in May).
“The Utah economy continues to demonstrate resiliency with low unemployment and strong job growth,” said Natalie Gochnour, director of the Gardner Institute. “This economic performance coupled with an interest rate hike pause and slowing inflation contribute to the highest level of Utah consumer sentiment in more than a year.”
The Utah Consumer Confidence Survey uses key questions from the University of Michigan’s Surveys of Consumers. These questions measure residents’ views of the present economic situation and their expectations for the economy in the future. Data gathered from the key questions are used to create the consumer confidence index for Utah. Demographic questions are included in the questionnaire to allow for additional analysis of the data and to assess the representativeness of the sample.
The full results and methodology are now available online.