Local consumer confidence has been steady in the face of sluggish fiscal policy negotiations in Washington, according to the latest consumer index. In late December, the so-called fiscal cliff threatened to increase taxes excessively for all Americans, but Congress was able to reach a last-minute compromise that minimized the tax hikes. Now, the federal government is one day away from sequestration, which is a set of deep spending cuts that will dramatically decrease the budgets allocated to the departments of energy, state, defense, labor, transportation, justice and the National Institutes of Health.

In American Fork the unemployment rate curve continues to roughly parallel Utah County’s. The county’s unemployment rate increased 0.3 percentage points to 4.9 percent in December, according to the latest data provided by the U.S. Bureau of Labor Statistics. American Fork’s unemployment rate rose half a percentage point, standing at 5.7 percent, slightly above the state’s average of 5.2 percent and below the national average of 7.8 percent, when measured in the same period.

Gasoline prices in Utah County increased dramatically in the last month. The price of a gallon of regular gasoline increased nearly 16 percent to $3.35 a gallon in late February, compared to $2.89 a gallon one month ago, according to the AAA fuel gauge report. Average state gasoline prices increased similarly to $3.41 a gallon from $2.96 in the same time period.

Real estate reports show that approximately 10 in every 10,000 homes were in foreclosure in Utah County in January, a slight decrease from 12 in every 10,000 one month prior, while in American Fork 1 in every 2,874 housing units — or roughly 4 in 10,000 — received a foreclosure filing in January 2013.

American Fork mayor James H. Hadfield said this week he is encouraged by the arrival of businesses in Utah County, even if some have planted stakes in surrounding communities, as American Fork offers a variety of services that cater to the new workers. The city touts a robust shopping center, five car dealerships and over 100 restaurants. The American Fork Citizen reported last month that by population size, American Fork generated more sales revenue than Orem, Provo and Lehi. 

The numbers are surprising because surveys show fewer local consumers today are upbeat about economic growth, as Utahns continue to be frustrated with the actions of the federal government. Only five percent of Utahns indicated that the federal government is doing a “good job” implementing policies that will improve the economy. Approximately one-half of Utahns think that it is unlikely that the U.S. economy will improve in the next 12 months, up from 35 percent a year ago. 

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

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