National Consumer Confidence Running Ahead of Local Attitudes

By Lee, Jasen | Deseret News (Salt Lake City), April 26, 2017 | Go to article overview

National Consumer Confidence Running Ahead of Local Attitudes


Lee, Jasen, Deseret News (Salt Lake City)


By Jasen Lee

Deseret News

SALT LAKE CITY - The state's economy maintained its strong showing despite a mild decrease in consumer confidence over the past month.

After a significant jump last month, the Zions Bank Utah Consumer Attitude Index declined in April, mirroring national sentiment. The index fell 10.9 points to register at 112.6. Even with the decrease, the overall index remains above 110 - a standard bellwether of economic prosperity in Utah, explained Zions Bank economic adviser Randy Shumway.

The overall index is 3.6 points higher than its level this time last year. The national Consumer Confidence Index decreased 4.6 points from March to April to register at 120.3 - the second straight month the national index has exceeded the Utah measurement.

"Consumer attitudes in Utah have sustained high levels for over a year, so it is understandable that we occasionally experience a slight dip rather than a continuous upward path," Shumway said Tuesday during a monthly news conference in Salt Lake City. "Consumer attitude trends in Utah are moving in tandem with national consumer confidence, and the economy remains strong."

The decrease in the overall index primarily resulted from lower expectations for the economy over the next six months, as slightly fewer Utahns expect business conditions to improve, number of jobs to increase and household income to rise, he noted.

The survey indicated that 62 percent of Utahns believe the price of consumer goods in general will go up over the next 12 months, compared to 59 percent last month. Among the items to likely see price increases is food, due in part to a growing labor shortage resulting from uneven immigration policies in the nation's capital, explained Shumway. …

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