Utah’s Economy: Retail Sales Near Full Recovery

New PictureIn retrospect the surge in retail sales during the 2004-2007 period should have been a warning that not all was well with the household balance sheet. Over three years retail sales increased 20 percent, far out pacing wage increases. Debt fueled the historic increases in Utah’s retail sales and as the recession deepened retail sales retreated by 20 percent, wiping out the unsustainable pre-recession gains. By 2010 retail sales in Utah had fallen back to inflation adjusted 2004 levels.

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