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Business & Economy

Survey: Utahns' Consumer Confidence Surges After 2-Month Slump

Bob Nelson
Randy Shumway, CEO of the Cicero Group, talks about China's stock market. He joined the owner of Wasatch Touring on 700 East, Charlie Butler. Butler says bicycles are cycular and inflation proof.

Utahns’ consumer confidence surged back from a two-month slump while the inflation figure is right where it should be according to a Zions Bank survey by the Cicero Group.Randy Shumway is the CEO of Cicero. He says diversification is a key factor, pointing to the August issue of Entrepreneur naming Salt Lake City the number one entrepreneurial city outside New York or San Francisco.  

“And that’s you know, that’s like playing alongside Rudy Gobert right? I mean you’re not as good as Rudy but you’re almost as good as Rudy which is really positive,” says Shumway.

Shumway added his perspective to the big drops in China’s stock market this week.

“Yes, the Shanghai Composite has dropped 42 percent from its high just a few months ago,” Shumway says, “but it’s still up 15 % year-over-year.”

But Shumway says because the August survey was measured before the stock market volatility this week and last, it’s unknown what effect it will have on Utahns’ consumer confidence.  

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