Utahns are optimistic about the economy as consumer sentiment reaches its highest total in a year.

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SALT LAKE CITY — Utah’s consumer sentiment rose to its highest level in more than a year in June, hitting 76.3, according to a survey by the Chem C. Gardner Policy Institute.

The mark represents an improvement from May, when consumer sentiment was 71. Utah’s rising consumer sentiment is part of a national trend, with the same survey from the University of Michigan showing that overall consumer sentiment for Americans was 64.4 in June. It rose from 59.2 in May.

“Utah’s economy continues to show stability with low unemployment and strong job growth,” said Natalie Gochenour, director of the Gardner Institute. “This economic performance, combined with rising interest rates and inflation, will contribute to Utah’s highest consumer sentiment in more than a year.”

The state’s nonfarm payrolls rose an estimated 2.9% in May over the past 12 months, according to the Utah Labor Force Service’s May employment summary. to 1,727,100.

Additionally, the unemployment rate is “rock bottom” at 2.3%, with 42,000 Utahns classified as unemployed. This is in stark contrast to the national unemployment rate, which has risen to 3.7% since April.

All these factors have contributed to the increase in consumer sentiment.

To calculate Utah consumer sentiment, the Gardner Institute used five questions from the University of Michigan Consumer Survey about residents’ current and future economic conditions.

“Two of these questions refer to the business or economic situation in the country as a whole (not, for example, in the country of origin). We supplement these two questions with alternate versions that refer to the state of Utah, not as a country. According to the Gardner Institute report.

The questions and answers are shown below.

Full survey results, including survey methodology, are available here.

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