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Index indicates Utah economy thriving

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Jasen Lee – Deseret News

Utah’s economy is starting the year on an upward trend, a new report indicates.

The Zions Bank Utah Consumer Attitude Index climbed 4.1 points to 113.4 in January, rising above 110 for the second time in three months and signifying a thriving economy.

Consumers have high confidence in current and future economic prospects, explained Zions Bank economic adviser Randy Shumway.

The index registered 17.2 points higher than its level a year ago, he said. Consumer confidence in Utah also continues to outpace that of the nation. The national Consumer Confidence Index registered at 102.9 — 9.8 points higher than December.

Speaking Tuesday at an economic news conference at the Trolley Square office of the Sundance Film Festival, Shumway said the big jump in the consumer attitudes stems from optimism for the future.

The Expectations Index, a barometer of how consumers feel about economic conditions six months from now, jumped 9.4 points to 113.3 in January. Each of the metrics used to determine confidence in the future — business conditions, job availability and income expectations — rose by more than 5 percent from December to January, the reported stated. (…)

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