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Consumer Confidence at Play in Utah
The Zions Bank Utah Consumer Attitude Index (CAI) declined slightly, month over month, dropping 2.9 points to 114.7 in February 2017. Still, the overall CAI is 8.9 points higher than its level from 12 months ago. Though the small decrease was due to a slightly less positive outlook on the current economy, “unemployment is at an eight-year low, and wages are continuing to rise in Utah,” Zions Bank president and CEO Scott Anderson told Utah Business.
Meanwhile, the Present Situation Index, which measures how consumers feel about current economic conditions, decreased 3.8 points month over month. The index is, however, 1.3 points higher than it was in February 2016. Randy Shumway with the Cicero Group said consumer confidence can fluctuate from month to month. But the trend over the past year has been positive.
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