Consumer confidence in the Utah economy in the near future grew in February. Current expectations of spending, income, and savings over the next three months increased compared to expectations reported in January, which suggest a growing optimism across all three categories. In particular, survey respondents anticipate a larger income increase than reported in January. Additionally, survey responses indicate that Utahns’ economic outlook for the state is stronger than for the country as a whole. Finally, respondents suggest Economic Impact Payments (EIP) enabled consumers to better maintain financial health.
Author(s): Mac Gaulin, Nathan Seegert, and Mu-Jeung Yang