Black Friday shopping. (Photo Credit: Canva)
The Kem C. Gardner Institute at the University of Utah says its index of consumer sentiment in Utah dropped more than ten points in March. It’s the largest monthly decrease in the index since it was first published in October 2020.
The index is based on answers to a series of questions, including whether consumers believe their families will be better off a year from now. It’s similar to the Index of Consumer Sentiment produced by the University of Michigan which found consumer sentiment was down in March by 3.4% nationwide.
“Utahns are feeling the effect of increased food and gas prices,” said senior research economist Joshua Spolsdolff in a news release.
He also said consumers are concerned about the conflict in Ukraine and rising interest rates.
The full report is available on the Gardner Institute website.