Salt Lake City—Utah’s consumer sentiment was essentially unchanged in May (71.0) compared to April (70.5), according to the Kem C. Gardner Institute’s Survey of Utah Consumer Sentiment. A similar survey by the University of Michigan found sentiment fell from April (63.5) to May  (59.2) among Americans as a whole. 

“Utah sentiment remained relatively unchanged for the third straight month, reflecting continued economic uncertainty among Utahns facing mixed economic signals,” said Gardner Institute Chief  Economist Phil Dean. “Federal debt ceiling discussions occurring in D.C. during the survey period could have added to uncertainty. Negative economic signals include higher interest rates, moderating economic growth in the U.S. overall in recent quarters, and the ongoing banking turmoil that began with the collapse of Silicon Valley Bank in March. Positive economic signals Utahns may notice include a  strong local labor market and improvements in inflation. Utah consumer sentiment remains higher than  U.S. sentiment, which declined in May.” 

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.

ABOUT THE KEM C. GARDNER POLICY INSTITUTE 

The Kem C. Gardner Policy Institute serves Utah by preparing economic, demographic, and public policy research that helps the state prosper. We are Utah’s demographic experts, leaders on the Utah economy,  and specialists on public policy and survey research. We are an honest broker of INFORMED RESEARCH,  which guides INFORMED DISCUSSIONS, and leads to INFORMED DECISIONS™. For more information,  please visit gardner.utah.edu or call 801-587-3717. 

ABOUT THE DAVID ECCLES SCHOOL OF BUSINESS 

The Eccles School is synonymous with ‘doing.’ The Eccles experience provides a world-class business education with a unique, entrepreneurial focus on real-world scenarios where students put what they learn into practice long before graduation. Founded in 1917 and educating more than 6,000 students annually, the University of Utah David Eccles School of Business offers nine undergraduate majors, four  MBAs, nine other graduate programs, a Ph.D. in seven areas and executive education curricula. The School is also home to more than 20 institutes, centers, and initiatives, which deliver academic research and support an ecosystem of entrepreneurship and innovation. For more information, visit Eccles.Utah.edu or call 801-581-7676.