Utah Consumer Sentiment Falls in October While Consumer Debt Climbs

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The Zions Bank Consumer Sentiment Index fell 8.4% m/m in October 2025 to 73.4 from 80.1 in September. On a y/y basis however, the index is only down 9.1% thanks to solid increases in November and December 2024, and the decline is more modest than the 24% drop posted by the national University of Michigan survey for the same period. The Zions Bank survey saw erosion in each component index score, but respondents were more pessimistic about the outlook for the US economy than for the Utah economy, with the one-year forward looking sentiment index value coming in at 77 for the US and 96 for Utah. Similarly, respondents put the five-year forward looking index value at 75 for the US and 103 for Utah. At the same time, the state’s residents are increasing their debt. A study by WalletHub lists Utah as one of the states that saw the largest increase in average household debt in 3Q2025.  


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