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Utah economy

Utah consumer sentiment continues to fall in July

Newswise — August 4, 2022 (Salt Lake City) — Utah consumer sentiment fell in July, according to the Kem C. Gardner Policy Institute’s survey of Utah consumers. Utah’s index fell to 62.9 in July from 64.4 in June. A similar survey for the United States showed consumer sentiment rising slightly to 51.5 in July from 50.0 in June. This is the first month since the Gardner Institute began tracking consumer sentiment in October 2020 where Utah’s index fell while national sentiment rose.

“Consumer expectations about the economy can impact day-to-day shopping behavior and therefore business cycles,” said Phil Dean, chief economist at the Gardner Institute. “Concerns about high inflation, including fuel prices, continue to affect consumer sentiment in Utah. High fuel prices are a particularly salient price point for consumers, although prices have fallen these Emerging signals suggest that low-income households are facing financial strains that are beginning to alter their purchasing behavior.

The Utah Consumer Sentiment Survey uses questions comparable to the University of Michigan Consumer Survey. These questions measure residents’ views on current and future economic conditions. Both surveys include a random sample of consumers, including demographic questions to assess the representativeness of the sample.

Full results are now available online.

Source: Kem C. Gardner Policy Institute and University of Michigan

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Mary Cashion

The author Mary Cashion