This article was originally published on utahbusiness.com. You can read their article here.
Salt Lake City – The Zions Bank Utah Consumer Attitude Index (CAI) increased 5.8 points to 111.4 in May. Sentiment about the present situation and expectations for the next six months both improved, and the CAI currently sits 15.2 points higher than its level 12 months ago. The national Consumer Confidence Index (CCI) increased 1.1 points from April to May and currently sits at 95.4 points.
The Present Situation Index, the sub-index of the CAI that measures how consumers feel about current economic conditions, currently sits at 118.2 points—its highest level on record. The Present Situation Index registers 21.9 points higher than its level 12 months ago. Both measures that feed into the Present Situation Index are at record highs this month, confirming that economic conditions in Utah are thriving.
The percentage of consumers who rate current business conditions as “good” increased seven points to 55 percent in May. Forty-one percent of consumers assess business conditions as “normal,” and 5 percent think they are “bad.” Consumers are also positive about the employment situation in their area, with 41 percent describing jobs as “plentiful”—up 6 percent from last month.
Expectations for the future are on the rise as well. The Expectations Index, the sub-index of the CAI that measures how consumers feel about economic conditions six months from now, increased 3.9 points from April to May and currently sits at 107—10.6 points higher than its level a year ago. Opinions regarding business conditions in the next six months remained relatively steady from April to May. Thirty percent of consumers expect business conditions in their areas to be good six months from now, which represents no change from April, although fewer expect business conditions to be worse. More people expect jobs in their area to be plentiful in the coming months—29 percent this month as opposed to 26 percent last month.
Utahns are also optimistic about their income potential in the next six months, with 35 percent expecting their total household income to be higher, which is an increase of four points from April.
“Consumer sentiment in Utah is booming and is positively impacting the economy,” said Scott Anderson, president and CEO of Zions Bank. “As Utahns continue to exude confidence in their job situations and business conditions, consumer spending can be expected to increase, spurring even greater economic growth in the state.”
Zions Bank provides the CAI as a free resource to the communities of Utah. Analysis and data collection for the CAI are done by the Cicero Group, a market research firm based in Salt Lake City.
– See more at: http://www.utahbusiness.com/articles/view/utahns_confidence_in_present_economic_situation?utm_source=Newsletter&utm_medium=email&utm_content=UB+Daily+-+LHM+Dealerships+Introduce+New+Online+Buying+Service&utm_campaign=UBM+Campaign+%28UB+Daily%29+Created%3A+2015-05-26+20%3A46%3A54#sthash.8NXMBvzA.dpuf