Consumer confidence in Utah is as high as it’s been in the three years Zions Bank has been keeping track.
The bank’s Utah Consumer Attitude Index went up 6.6 points between June and July, reaching an all-time high of 104.9. The national confidence level also jumped this month, by 4.5 points, but remained far behind Utah at 90.9.
"Improvements in the labor market have had a significant positive impact on the health of Utah’s economy," said Zions Bank President and CEO Scott Anderson.
"Businesses continue to relocate to and expand in Utah," he added. "We expect tremendous benefits, now and in the years to come, as more and more businesses take advantage of the remarkable resources Utah has to offer."
Over the past year, Utah’s index has gained 19.4 points.
The index offers insights on public expectations.
For instance, more Utahns are optimistic the economy will improve in the next year. Only 21 percent thought that way in June, Anderson said, but in July, 25 percent did.
Similarly, while 78 percent of Utahns think gasoline prices will rise over the next year, 83 percent thought so the month before. There isn’t as much confidence, however, that home prices will go up. That index component fell from 64 percent in June to 61 percent this month.
In terms of inflation, 24 percent of Utahns expect their household income to grow faster than the cost of living, equal to the previous month’s expectations.
Fewer Utahns are dissatisfied with the performance of the federal government. Its disapproval rating slipped from 61 percent in June to 57 percent in July, Anderson noted. And only 12 percent of respondents disliked the state’s economic policy, down from 14 percent a month earlier.
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