The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the October 2024 Roadmap to Prosperity Economic Dashboard to inform business leaders’ understanding of Utah’s economy. This tool prioritizes key data on the state’s economic outlook and actionable context for decision-makers.
“Utah consumers are showing signs of optimism, which reflects cautious confidence in our economy and what the future may hold,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Amidst shifting circumstances, Utah’s economy continues to show resilience.”
Three essential insights from the October 2024 Roadmap to Prosperity Dashboard include:
- Both Utah and U.S. consumer sentiment increased in October. Utah sentiment climbed above its year-to-date 2024 average while the average U.S. consumer feels less optimistic now relative to earlier in the year. Economic uncertainty remains as labor markets soften yet inflation continues to abate.
- Utah’s year-over percent change in employment continues to converge with national trends. Historically, employment growth in Utah surpassed national employment growth; however, this trend has moderated in recent months, with Utah employment growth nearing levels seen nationally.
- While remaining relatively high, Utah’s labor force participation rate decreased slightly. Utah’s labor force participation rate fell from 69.7% in September 2023 to 68.4% one year later. During the same timeframe, U.S. labor force participation rate remained essentially unchanged, falling slightly from 62.8% to 62.7%.
The Dashboard is updated monthly, providing essential insights, tracking timely and leading measures, and sharing pertinent indicators. This provides leaders with critical and timely information to make informed decisions.
“Economic indicators appear mixed heading into the final weeks of 2024, marked by lower inflation and increased consumer sentiment, but also moderating job growth and labor force participation,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “All eyes will be on Washington in the new year, following the election of a new administration and potential economic policy shifts.”
To view the Roadmap to Prosperity Dashboard, click here.
