Michigan Consumer Index Falls on Fuel Price Concerns

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he University of Michigan’s final consumer sentiment index for August fell to 89.1 from a 96.5 reading in July, and was also lower than a preliminary August reading of 92.7 issued two weeks ago.

igher fuel costs helped bring the index down to below a 92.5 level predicted by economists, Bloomberg reported. Gasoline prices have surged 46% this year.

The survey’s current conditions index fell to 108.2 in August from 113.5 in July.

The expectations index, a measure of optimism on the next one to five years, fell to 76.9 following an 85.5 reading in July.