Utah consumer sentiment continues to rise
Jul 11, 2023, 5:00 PM
SALT LAKE CITY — Amazon Prime Day has just begun and a new report from the Kem C. Gardner Policy Institute shows Utah consumer sentiment continues to rise.
According to the report, consumer sentiment rose in June to its highest level in more than a year. A similar survey by the University of Michigan found a similar increase nationally, but it is lower than the Utah sentiment.
The survey measures consumer sentiment with by asking five questions concerning current and expected future economic conditions.
Phil Dean, chief economist and public finance senior research fellow from the Kem C. Gardner Policy Institute at the University of Utah spoke to KSL At Night about the report.
Consumer sentiment on the rise
The Kem C. Gardner Insitute does a poll looking at the attitude of Utahns about the economy to measure consumer sentiment every month. According to Dean, the survey mimics a national survey done by the University of Michigan looking at the U. S. as a whole.
The latest survey from the Garnder Institute shows the highest level in Utah for consumer sentiment in the last year. “That certainly doesn’t mean that all of our economic issues are in the rearview mirror. But I think it does signal some optimism that maybe people haven’t had as much recently,” Dean told KSL.
Current levels of consumer sentiment are still below pre-pandemic levels, however.
“When people feel more optimistic about the future, they go out and buy more things.” Dean continued, “That being said, it’s kind of been a bunch of mixed messages ever since the pandemic, where we’ve seen a pretty dramatic decline in consumer sentiment.”
The Gardner Institute started its survey on consumer sentiment in October 2020, but Phil Dean said he wants to continue the survey long-term. “We’ve got several years worth now, but to me, I definitely want to understand more long term,” said Dean.
- Retail spending fell in March as consumers pull back
- The US labor market cooled off in June, adding just 209,000 jobs
- Many Americans choosing fast food over grocery shopping