Despite a minor dip in July, the Zions Bank Utah Consumer Attitude Index (CAI) remained statistically flat, indicating a continued confidence among Utah consumers in their economic outlook. The CAI dropped 1.0 point from 115.2 in June to 114.2 in July. Consumer confidence in Utah has registered above 110 since July last year, indicating that Utahns remain quite optimistic about the current economic trajectory.
The overall CAI currently sits 3.8 points higher than its level 12 months ago. By comparison, the national Consumer Confidence Index increased 3.8 points to 121.1 in July and is 24.4 points higher than it was at this same time last year.
Utahns’ confidence in the economy is consistent with independent reports of economic prosperity. Utah was recently ranked the third-best economy within the country, according to WalletHub, which was largely due to Utah’s high GDP growth, large amount of startup activity and significant wage increases in nonfarm payrolls. In a similar report, WalletHub also ranked Utah’s job market as ninth in the nation.