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WEST VALLEY CITY — The past few years have been a tough ride for Americans trying to gauge how far their money will go today and how much it will buy in the months ahead. Big questions are looming again, that right now seem to concern people more outside of Utah.
Zions Bank Consumer Attitude Index summary table
| Consumer Attitude Index | Present Situation | Expectations | |
|---|---|---|---|
| Utah | 77.9 | 41.6 | 102.1 |
| U.S. | 63.4 | 36.9 | 81.1 |
| Utah change (Feb-Mar) | 2.3 | 4.2 | 1 |
| U.S. change (Feb-March) | -8.6 | 3.1 | -16.4 |
Shop the isles of Rancho Markets in West Valley City, and consumers say they like the bargains. The manager says the store keeps prices steady by building its customer base.
"We have to adapt and give the customer what they're looking for," said Aldo Annese, vice president of Rancho Markets.
Zions Bank released its March numbers in a new report Tuesday. It shows the Utah Consumer Attitude Index rose to 77.9, up 2.3 points compared to the February index. The national Consumer Confidence Index fell 8.6 points to 63.4.
The CAI is a gauge of the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending. National comparison enables consumers, businesses and policymakers to identify key economic trends unique to Utah, the report stated.
In March, 54 percent of consumers surveyed said they believe their household income is unlikely to keep up with the rate of inflation in the next two years. Confidence in job stability fell to 56 percent, a 19 percent decrease from the previous month.
![Historical Attitude Comparison -- Utah versus United States [Click to enlarge]](https://img.ksl.com/slc/2490/249072/24907263.jpg?filter=kslv2/inline_lg)
As for our expectations for the economy over the next 12 months, Utahns remain optimistic while other Americans are quite pessimistic. Across the country, we're all paying more for groceries, utilities, and especially gasoline.
"Gas prices (are) fueled primarily by the increasing costs of crude oil; and increasing costs of crude oil is happening in part because of unrest in the Middle East," said Dr. Trent Kaufman, vice president of The Cicero Group and Dan Jones & Associates.
The conflict in Libya makes people uncertain about how long tensions in the Middle East and North Africa will last.
As gas prices rise, consumer confidence falls — and the price of regular gasoline is up 37 cents in Utah over the last month. That can also impact whether a business decides to add new jobs.
"It makes them think twice about that because they're more concerned about the future, because the people who buy their products are more concerned about the future," Kaufman said.
While Utahns remain optimistic, 84 percent think they'll see consumer prices rise in the next 12 months without any increase in household income.
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Story written with contributions from Jed Boal and Jasen Lee.
