The culmination of a presidential election, a looming fiscal cliff and improvement in key economic indicators has left many local consumers with mixed economic attitudes, according to several reports reviewed by the American Fork Citizen. But residents of American Fork have reason to be optimistic as they continue to live in one of the best economic climates in the country.

Utah County’s unemployment rate increased 0.3 percentage points to 4.8 percent in the month of October, according to the Federal Reserve Bank of St. Louis, but it still stands lower than the state average of 5.2 percent and the national average of 7.9 percent measured in the same period. The unemployment rate in American Fork is slightly higher than the state’s average, standing at 5.3 percent. But American Fork’s unemployment rate dropped a full percentage point since August.

A report from RealtyTrac shows that foreclosure rates throughout the state have increased in the past month. In Utah County last month, approximately 12 of every 10,000 homes were in foreclosure, a decrease of 44 percent from 12 months prior. But in American Fork foreclosures are still a significant issue: 1 in every 717 housing units received a foreclosure filing in November 2012, over 50 times higher than the state average of roughly 11 out of every 10,000 homes. To compare, foreclosure rate in Provo stood at 1 in every 1,296.

Still, continued improvements in Utah’s economy — particularly in employment and most recently in the housing market — have amplified consumer confidence. This month, 34 percent of consumers cited that current business conditions in their area are “good,” up 13 percentage points from the month prior. Additionally, 18 percent of consumers, compared to 11 percent last month, believe jobs in their area are “plentiful.”

But uncertainty about the economy has caused holiday shoppers to be more cautious of their spending this season, despite record turnouts and discounted prices. According to the MasterCard Advisor SpendingPulse report, sales of electronics, clothing, jewelry, and home goods in November and December increased 0.7 percent from the same period last year – far below the 3 to 4 percent growth that was expected. When Utah consumers were asked if the U.S. economy would improve during the next 12 months, 52 percent indicated that it was unlikely, compared to 32 percent just two months ago.

Gasoline prices in Utah County coincide closely with the average state price of $3.14 per gallon of regular unleaded. According to AAA’s Daily Fuel Gauge Report, one gallon of unleaded regular gasoline in Utah County costs $3.11, a significant decrease from $3.52 per gallon one month ago. In American Fork, the average price of regular unleaded stands at $2.92.

The AAA travel services company has estimated that a record-setting 7.1 million mountain west residents will travel throughout the state this holiday season. To help facilitate this increase in travel, the FrontRunner South commuter rail line was officially launched this December, providing service between downtown Salt Lake City and Provo. The Deseret News reports that the $850 million rail line projects to serve 6,800 passengers daily and should ease congestion on Utah County roadways, promoting efficiency in transportation for Utah’s blossoming technology center.

Despite the looming uncertainty in the market, Utah’s economic fundamentals remain strong. Because of this, and the state’s historic track record, many economists are bullish that Utah’s recovery will continue to outpace the overall U.S. recovery in 2013.

Danny Crivello can be reached at crivello@citizen.af, via text at 801-477-6397 or on Twitter.

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