Looking ahead, Thredgold said he is optimistic about the holiday shopping season but remains concerned about what will be the impact of home heating bills on consumers.

"We're in good shape," Thredgold said. "We can always do better, but we're adding employment not just in the low-wage sectors but the high-wage sectors as well. That's important. Despite the 'headwinds' of higher interest rates and higher energy costs, Utah's economy is doing well."

With gasoline prices falling to near the $2 per gallon mark, Thredgold said consumer confidence rose sharply. That, he said, "gives us a pretty good outlook for the shopping season."

The looming "problem," he said, is natural gas prices, which remain elevated.

"The prices are still extraordinarily high," Thredgold said. "We're looking at maybe 30 percent to 40 percent higher, and that will put a crimp in people's incomes and spending as we get into the first quarter."

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E-mail: jnii@desnews.com