March 3, 2022 (Salt Lake City) – Utah’s consumer sentiment rose by 1.9 points from January to February, increasing to 78.8, according to the Kem C. Gardner Policy Institute’s Utah Consumer Sentiment Survey. While the overall outlook increased, certain groups reported mixed views. Sentiment increased among college graduates and households making less than $100,000 in annual income but fell for those without degrees and households making $100,000 or more. All age groups had favorable views and was particularly high for those under 25 and over 55.
“This is the second consecutive month where Utah’s index rose while national sentiment declined,” said Joshua Spolsdoff, senior research economist at the Gardner Institute. “While Americans feel pressed by concerns around inflation, interest rate hikes, and general uncertainty, Utah’s economy, which remains one of the strongest in the nation, is bolstering sentiment for Utahns.”
The University of Michigan’s index sentiment among all Americans again fell over the past month, dipping 4.4 points to 62.8. This decade low was primarily driven by concerns around inflation—especially among households with incomes of $100,000 or more.
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.
Note – The survey was near completion before Russia invaded Ukraine, so February’s data does not represent its potential impact on consumer sentiment.