The overall U.S. economy gave mixed signals through the first part of the year with GDP for Q1 being lowered to a negative 2.9%, the first decline since Q1 2011. Much of this decline was attributed to a harsh winter across the U.S. Despite negative growth, jobs continued to rebound with 1.3 million jobs added over the first half of 2014.
Utah’s job growth continued to outpace the national average as 37,500 were added over the past year. This sustained job growth pushed the overall unemployment rate to just 3.6%, tied for third best in the country. Retail Sales continued to improve across the country, growing at approximately 4.3% annually. Over that same period of time, the Consumer Price Index increased by only 2.1% indicating that the majority of the increase for Retail Sales is because of expansion in purchases by consumers and not from increased pricing.
Source : Cushman & Wakefield