Consumer Sentiment Index Drops in August

U.S. consumer confidence fell to a one-year low this month, according to the University of Michigan’s monthly consumer sentiment index released Friday.

The final index for August fell to 83.4, the lowest since last August, from 90.4 in July. A preliminary August reading two weeks ago was 83.3.

The decline was not as great as economists’ forecasts of a dip to an 82.5 reading, Bloomberg reported.

The expectations index, which gauges future consumer spending, fell to 73.7.