August 11, 2023 (Salt Lake City) – Utah’s consumer sentiment edged up in July to its highest level since February 2022 (from 76.3 in June to 77.3 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 a larger increase among Americans as a whole (from 64.4 in June to 71.6 in July).
“The Utah economy continues to demonstrate resiliency with low unemployment and strong job growth, said Phil Dean, Gardner Institute Chief Economist. “This economic performance, coupled with slowing inflation, contribute to the highest level of Utah consumer sentiment in nearly a year and a half.”
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.