Utah economy could falter if debt ceiling agreement not reached
Salt Lake City—The Salt Lake Chamber, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for April to help business leaders see where Utah’s economy stands. This tool provides data on the state’s economic outlook and actionable context for decision-makers.
“Persistent interest rate hikes from the Fed to fight inflation have put severe pressure on our regional banks and the customers and communities they serve,” said Derek Miller, president and CEO of the Salt Lake Chamber. “While Utah remains in an enviable position with growth in most industries, failure at the national level to raise the debt ceiling and curtail federal government spending puts Utah’s economic fortunes at risk. In addition, mounting pressure from the state’s record low unemployment underscores the need to reach a bipartisan immigration solution that secures the border and increases channels for legal immigration. Inaction on these issues places our country and state in serious jeopardy.”
Three essential insights from the April 2023 Roadmap to Prosperity Dashboard include:
- Inflation stays high but continues to fall. Price increases continue to moderate, with March being the 9th consecutive month of year-over declines. However, inflation remains more than two times greater than the target range.
- Utah’s unemployment rate remains low. Utah’s unemployment rate stayed constant at 2.4 percent, the 5th lowest unemployment rate nationally. The U.S. unemployment rate fell slightly from 3.6 percent to 3.5 percent.
- Utah consumer confidence is unchanged. Utah’s consumer sentiment remained the same in March. Mixed signals of both economic growth and uncertainty likely contributed. Conversely, national consumer confidence has declined.
The Dashboard is updated monthly, providing essential insights, tracking ten timely and leading measures, and sharing pertinent indicators. This provides leaders with critical and timely information to make informed decisions.
“Utah’s economy continues to impress during a complex and uncertain time,” said Natalie Gochnour, director of the Gardner Institute. “All eyes are now on Washington, D.C. as Congress and the president deliberate on the debt ceiling and federal spending. It would be a shame if our leaders imposed a self-inflicted wound to an already fragile economy. Now is a time to lead.”
To view the Roadmap to Prosperity Dashboard, click here.
ABOUT THE SALT LAKE CHAMBER
The Salt Lake Chamber is Utah’s largest and longest-serving business association. A statewide chamber of commerce with members in all 29 Utah counties, the Chamber represents the broad interests of the state’s 63,000- plus employers, which employ more than 1.4 million Utahns. This includes thousands of Chamber members and their employees. With roots that date back to 1887, the Chamber stands as the voice of business, supports its members’ success and champions community prosperity.
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 in 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.