Economy

Significant Statistics | Inflation Stabilized

Written by: Christopher Collard

Inflation has stabilized over the last 12 months between 3% and 4%, though that rate is higher than the Federal Reserve’s target of 2%. The higher rate is likely due to increasing housing costs. Energy inflation levels are near their long-term average while price increases on food and everything else have slowed below their long-term average. The Utah Foundation’s interactive dashboard allows residents is to: Explore current rates. Compare rates for Western and Mountain States … Continued

Op-ed: How schools are fighting a hunger crisis among Utah families

Written by: Shawn Teigen

Many of us consider ourselves food experts. We certainly know exactly what we prefer to eat after all. Food has also gained additional attention over time as it is and has been one of the drivers of recent inflation and perhaps one of the more palpable ones. In response to elevated prices, many people turn toward cheaper and often highly processed food as a household budget release valve. Some may even need to purchase less … Continued

Significant Statistics | Inflation Updates

Written by: Staff

Utah is in a favorable position with inflation below 4% and unemployment below 3%. While this inflation rate is above Utah’s 15 year average of 2.4%, the state’s current unemployment rate of 2.9% is also well below the 15 year average of 4.1%. By the broadest measures, Utah’s economy is doing very well. That said, there are issues to consider. For example, shelter seems to be the primary driver of inflation, accounting for almost two-thirds … Continued

Op-ed: Don’t just read the headlines on inflation

Written by: Shawn Teigen

I implore you to avoid just reading the headlines. Instead, read the whole story. We should all know that by now, having been repeatedly suckered into stories with alluring clickbait across the internet. For instance, you may have seen or heard that “Consumer prices heated up in July.” Here is a better headline for you: “Consumer prices are perhaps the only thing that didn’t heat up in July.” Inflation had been trending down, and it … Continued

Op-ed: Is our inflation too high? The math, explained

Written by: Shawn Teigen

Seeing inflation at nearly 5% for April was not great. But had it been 2%, that could have been even worse for some Utahns. It is all about the math. Speaking of math, if you dine out, you have probably felt the increase in restaurant prices. This is in part because overall food prices are up by 20% since the pandemic began. I have certainly felt it. My family went out for a congratulatory lunch … Continued

Op-ed: Utah in good position to weather the next recession

Written by: Shawn Teigen

Let’s talk recessions. Very generally, recessions are periods of economic decline. Americans saw a decline in gross domestic product during the first half of 2022, but that turned around by the second half of the year. Nonetheless, many people are still talking about a recession. This is due in part to the efforts of the Federal Reserve to slow – or even reverse – growth to rein in still-elevated inflation figures. Further, some suggest that … Continued

Utah Thrives Podcast | Bonus Conversation with Dr. Steve Hanke

Written by: Staff

This bonus episode is an interview with Dr. Steve H Hanke. Dr. Hanke is a professor of applied economics and founder and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at the Johns Hopkins University. We reached out to Dr. Hanke to discuss the Hanke Misery index – an index of four factors that attempt to summarize the level of a country’s misery based on economic conditions. You … Continued

Utah Thrives Podcast | Utahns’ Misery

Written by: Shawn Teigen

Utah Foundation staff discuss the findings of our Misery Index, released in December as part of the 2022 Quality of Life Series. We also hear from Representative — and economist — Robert Spendlove and Dr. Steve Hanke, the creator of the index we used. Just what is making Utahns miserable and how miserable are they? Listen to find out.

Video: Utahns’ Personal Quality of Life in Decline

Written by: Shawn Teigen

In 2022, Utah’s Personal Quality of Life Index stands at 76 out of a possible 100 points, lower than the first year of the Index in 2018, when the score stood at 82. The decrease from 2018 to 2022 was significant; Utahns’ sentiments about their personal quality of life have indeed declined. Why the decrease? Because all factors declined during the period. Health, spiritual peace and happiness declined the most. Financial security – even in … Continued