Consumer Sentiment Index Falls to One-Year Low

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 preliminary index for the month fell to 83.3, the lowest since last August, from 90.4 in July.
 
The decline was greater than economists’ forecasts of a dip to an 88 reading, Bloomberg reported.

The expectations index, which gauges future consumer spending, fell to 74.1, the lowest since July 2006, Bloomberg said.