Salt Lake City — Utah’s consumer sentiment declined 10.8 points in March, decreasing to 68.0, according to the Kem C. Gardner Institute’s Survey of Utah consumers. This is the largest monthly drop since the index began in October 2020. Outlooks fell among all groups, suggesting that every Utahn feels the cost of living pinch due to rising fuel prices and inflation as well as concerns around geopolitical instability.
“Utahns are feeling the effects of increased food and gas prices, with the Russia-Ukraine conflict only exacerbating matters,” says Joshua Spolsdoff, senior research economist at the Gardner Institute. “While we await future interest rate hikes from the Federal Reserve, for now, economic indicators—such as unemployment, retail sales, and corporate earnings—remain strong throughout Utah and the nation.”
A similar survey by the University of Michigan tallied a decline of 3.4 points in sentiment among Americans as a whole, a decline that started in January and has continued for three months. National sentiment fell to 59.4, its lowest level since August 2011.
The Utah Consumer Sentiment Survey uses comparable questions to the University of Michigan’s Survey of Consumers. These questions measure residents’ views of present and future economic conditions. Both surveys include a random sample of consumers, including demographic questions to assess the representativeness of the sample.
The full results are now available online.