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Around Utah: Utah consumer sentiment falls back to its lowest level since May

By Zions Bank - | Oct 8, 2026
Note: This article is a press release from Zions Bank.
Utah’s consumer sentiment decreased 4.6% in September, according to the Zions Bank Consumer Sentiment Survey. While within the survey’s margin of error, this decline reverses three consecutive months of gains in sentiment since May.
In September, gas prices rose to their highest level since May, while diesel prices exceeded May 2026 levels. Average mortgage rates nationwide climbed to their highest level since Jan. 2025. These prices and rates likely explain much of the decline in sentiment. Survey respondents also spontaneously mentioned ‘gas’ and ‘housing’ in open-ended questions at higher rates in September.
“Consumers are feeling the impact of the Iran military conflict in the form of higher prices at the pump and at the grocery store,” said Zions Bank senior economist Robert Spendlove. “Coupled with rising mortgage rates, these developments helped drive the decline in sentiment in September.”
The full results are now available online.
About the Zions Bank Consumer Sentiment Survey

Zions Bank publishes Utah’s monthly consumer sentiment index in partnership with the University of Utah’s Kem C. Gardner Policy Institute. The survey questions are identical to essential questions from the University of Michigan’s national consumer sentiment survey, with additional questions specific to the state of Utah. The monthly report on consumer sentiment includes a comparison of the Utah and U.S. indices, along with response data for each survey question.

About Zions Bank

Zions Bank is Utah’s oldest financial institution and is the only local bank with a statewide distribution of branches operating 93 full-service branches. Zions Bank also operates 26 branches in Idaho and Wyoming. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending. Founded in 1873, Zions Bank has been serving the communities of Utah for more than 150 years. Additional information is available at www.zionsbank.com. A division of Zions Bancorporation N.A., Member FDIC.

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