Utah's consumer sentiment falls in May

Utah's consumer sentiment fell in May, according to the Kem C. Gardner Institute's Survey of Utah Consumers. A similar survey by the University of Michigan found a larger decline in sentiment during May among Americans as a whole. Not surprisingly, low sentiment readings continue to illustrate consumer frustration with ongoing inflation, which erodes the value of wage gains and purchasing power in general. Even so, this sizable consumer sentiment reduction through 2022 has yet to match with a corresponding reduction in economic activity.