UTAH

Economist says consumer sentiment shows “growing economic optimism”

Jan 4, 2024, 2:00 PM

Image of U.S. currency, According to the Kem C. Gardner Policy Institute, Utah consumer sentiment h...

According to the Kem C. Gardner Policy Institute, Utah consumer sentiment has risen. (Canva)

(Canva)

SALT LAKE CITY — Utah’s consumer sentiment rose 8.4% in Dec. 2023, according to the Kem C. Gardner Policy Institute.

The number signals “growing economic optimism,” according to Phil Dan, chief economist at the Gardner Institute. 

Consumer sentiment refers to how optimistic or pessimistic consumers feel about the economy, according to the Federal Reserve Bank of St. Louis.

“Despite higher interest rates, banking turmoil, and elevated inflation during the year, the economy appears to have expanded in all four quarters of 2023, buoyed by strong labor markets, continued robust consumer spending, and elevated but moderating inflation,” said Dean. 

According to a press release, a survey conducted by the University of Michigan displayed similar results. The Michigan study examined nationwide consumer sentiment, revealing that it has increased by 13.7%. 

Consumer sentiment survey

The Gardener Policy Institute survey consisted of seven questions. Five of the questions that appeared in the Utah survey were identical to those asked by Michigan, according to the University of Utah. 

Two of the questions pertained to respondent’s views of national economic conditions. Another pair of questions were specific to Utah’s economic conditions. 

Researchers calculated the index scores via the percentage difference between those who responded “favorable” and “unfavorable.” To reach the final index score, 100 was added to each. 

“For example, Utah’s score for the first question is 88. This means the “unfavorable” replies outnumber the “favorable” replies by 12 percentage points,” per the report produced by the study authors

Despite the increase in Utah and across the U.S., a graph included in the study reflected that consumer sentiment is still lower than they were before the onset of the pandemic. 

Related: 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Utah

...

Eliza Pace, KSLTV.com

‘Hazmat incident’ in Murray causes road closures and evacuations

Officials are responding to a hazmat incident in the area of 3900 South and 250 West.

2 hours ago

Heidi Thomas, left, and Meggane Vasquez, right, look at each other during the Rainbow March and Ral...

Mariah Maynes

Deer Valley to host its first Pride event, Mountain Pride Day on June 30

Deer Valley announced that it will host its first Pride festival on June 30.

3 hours ago

Mail-in ballots being sorted...

Don Brinkerhoff

Nonprofit working to build trust in Utah elections

Trust Utah Elections, a new nonprofit, is working to help Utahns have confidence in the state's election process.

4 hours ago

A photovoltaic panel shines in the sun at the Appaloosa Solar 1 project near Cedar City. Rocky Moun...

Heather Peterson

Businesses on Salt Lake City’s west side taking steps toward using clean energy

A few businesses on Salt Lake City's west side are going solar. They hope to encourage others to do the same.

5 hours ago

Fallen tree branches caused by strong winds in Orem are pictured on Monday. A cold front is causing...

Carter Williams, KSL.COM

Rare June freeze warning issued for parts of Utah; wind tied to some of 6,500 outages

Summer might start this week, but a low-pressure system arriving in Utah is forecast to make some parts of the state feel quite wintry.

8 hours ago

Russell Maughan and the plane used to make the historic flight Nathan Hoch plans to recreate....

Josuee Sanchez

Utah grad student Nathan Hoch aims to recreate historic flight

100 years ago, a Utah local made the first coast to coast flight in under 24 hours. Now another plans to recreate the journey.

10 hours ago

Sponsored Articles

Underwater shot of the fisherman holding the fish...

Bear Lake Convention and Visitors Bureau

Your Bear Lake fishing guide

Bear Lake offers year-round fishing opportunities. By preparing ahead of time, you might go home with a big catch!

A group of people cut a purple ribbon...

Comcast

Comcast announces major fiber network expansion in Utah

Comcast's commitment to delivering extensive coverage signifies a monumental leap toward a digitally empowered future for Utahns.

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Economist says consumer sentiment shows “growing economic optimism”