Utah economy in a positive cycle

The Utah economy has just finished its best two months in several years and a high ranking bank official credits consumer spending. On KVNU’s For the People program Thursday, Zions Bank chief economic adviser Randy Shumway said consumer spending is driven by attitudes.

“And that creates the sell of a product or service, which somebody has to be at the retail location to provide it or they have to be producing it,” Shumway said. “It creates jobs.

“When we create jobs people feel more energetic about their economic circumstances and they spend more money. So it’s this positive cycle and frankly we’ve been in a negative cycle for several years so it’s nice to be trending upward.”

Shumway said Utah is known to be one of the best states in the country for being able to raise one’s economic status.

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