Consumer Confidence Fell in August on Higher Gas Prices

Americans’ confidence in the economy fell in August, due mostly to higher fuel prices, according to the University of Michigan’s preliminary consumer sentiment index.

The index, which was released Friday, fell to 92.7 from 96.5 in July – the first decline in three month’s and the lowest reading since May’s 86.9.

Analysts told Bloomberg News the decline was driven by record high fuel prices, particularly gasoline.

The final report on consumer confidence is due out later this month.