After a record-setting high in October, the Zions Bank Utah Consumer Attitude Index (CAI) remained steady in November, decreasing only slightly from 125.4 to 124.4. Consumer confidence in Utah has registered above 110 since June last year, indicating that Utahns continue to be very optimistic about current economic conditions within the state, as well as optimistic about the economy’s future trajectory.
The overall Utah CAI currently sits 9.7 points higher than its level 12 months ago. By comparison, the national Consumer Confidence Index increased 3.3 points to 129.5 in November and is 21.1 points higher than it was at this time last year.
Although the CAI dropped slightly in November, it remained above 120 for a second consecutive month for the first time in its history. Consumer attitudes within the state have largely been bolstered by positive perceptions of current and future labor market trends, according to the analysis published by Zions Bank. Utah currently boasts the second-fastest-growing labor market nationwide at 2.7 percent employment growth year over year, nearly double the national average of 1.4 percent.