The St. George Spectrum recently noted that Utah consumer confidence has hit an all-time high. Consumer enthusiasm has been rising steadily over the past year, climbing almost 20 percent in that time.
The Spectrum reports that the Utah Consumer Attitude Index jumped another 6.6 points, up to 104.9, last month.
Many entrepreneurs see the increase in consumer confidence as an opportunity for new business ventures or as the perfect time to expand existing operations. Both situations include risks that can be minimized with the assistance of an experienced business attorney.
Much of the current consumer confidence is driven by Utah’s rosy labor market, which has seen unemployment drop 1.1 percent from 2013, down now to just 3.5 percent.
People here not only express confidence that jobs are available in their areas of Utah, but that their own household incomes will increase in coming days. Those expecting an increase bounced from 29 percent to 34 percent in July.
We who live here are not only confident about the future, but about the present as well. The Present Situation Index, reflecting consumer attitudes about present economic conditions is also at an all-time high: 103.4. That’s up from the previous month’s 101.9, which was at that time also the highest level ever.
The Present Situation Index has risen 19 points over the past year.
The Consumer Attitude Index also shows confidence in the state’s handling of economic policy, confidence that the national economy is improving, and less pessimism about the upward tick of gasoline prices.
Source: The Spectrum, “Consumers’ attitudes improving in Utah,” August 2, 2014