Utah’s consumer sentiment slipped 8.4% in October, according to the Zions Bank Consumer Sentiment Survey. This decrease — from 80.1 in September to 73.4 in October — is statistically significant.
A similar survey conducted by the University of Michigan reported that sentiment fell 2.7% among Americans as a whole during October.
“Utah’s consumer sentiment dropped more than the national average in October,” said Robert Spendlove, senior economist at Zions Bank.
“However, over the past year, Utah’s decline has been far less severe — 9% compared to a 24% drop nationally,” Spendlove said. “Utahns continue to show stronger optimism about the economy than consumers across the country.”
View the full Consumer Sentiment Survey results.
Zions Bank publishes Utah’s monthly consumer sentiment index in partnership with the University of Utah’s Kem C. Gardner Policy Institute. The survey questions are identical to essential questions from the University of Michigan’s national consumer sentiment survey, with additional questions specific to the state of Utah. The monthly report on consumer sentiment includes a comparison of the Utah and U.S. indices, along with response data for each survey question.
View the September Consumer Sentiment Survey results.