Utah Consumer Sentiment Drops 13.5% as April Unemployment Holds at 3.8%
Updated
Updated · KSL.com · May 22
Utah Consumer Sentiment Drops 13.5% as April Unemployment Holds at 3.8%
1 articles · Updated · KSL.com · May 22
Utah's consumer sentiment fell 13.5% in April to 70.5, a sharp reversal as higher gasoline prices and rising inflation weighed on households.
April unemployment held at 3.8%—below the U.S. rate of 4.3%—but the steady headline masked a cooling labor market with flat labor-force growth and employers slowing hiring.
69,200 Utahns were unemployed, and the state's hiring rate has dropped to its lowest level since 2010 despite elevated job postings, leaving job seekers facing longer searches and more selectivity from employers.
Gas averaged $4.68 a gallon in Utah on Friday versus $4.52 nationally, while U.S. headline inflation rose to 3.8% in April from 3.3%, adding to the state's emerging economic headwinds.
Beyond gas prices, how vulnerable is Utah's high-tech economy to the ongoing Strait of Hormuz crisis?
With a shrinking workforce, how will Utah power its massive data centers and projected economic growth?
As Utah's tech boom strains power and water, can residents still afford to live there?